Single-family residence buy & hold investment in Toledo.
Purchase price: $40,000
Cash invested: $13,000
currently in Escrow will update when everything finalizes
What made you interested in investing in this type of deal?
out of state low price in good neighborhood to learn with smaller risks
How did you find this deal and how did you negotiate it?
MLS. price was lower than market asking. first offer was accepted.
How did you finance this deal?
Lessons learned? Challenges?
Buying off MLS is difficult to find good deals that cash flow competitive in a sellers market.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Danny Degnan and Dustin Hall with Key Realty
Nice job! I hope you can get it rented with steady cash flow.
Did you fly out there to check it out before you made the offer?
Is it move in ready or is there some rehab that needs to be done?
Thanks brother! no I have not flown out there yet. i am in escrow i have home inspection scheduled for 5/16 for anything that was missed in the initial inspection. it is advertised as move in ready but no property is READY-READY lol few minor things need to get fixed prior to renting. i am already shopping out for management team. ive had very good luck with my agent.
Nice buy! I'm also looking in this area. How did the inspection go?
@Edwin Martinez What does it rent for? What do your numbers look like? Rehab costs?
@Dreton Lena inspection came back good light fixture missing from front light, one cracked window, no signs of leak in roof. The biggest concern i have is kitchen sinks drains slowly under the house found alot of outdated cast iron drain pipes.
@Tim Kaminski rehab looks like a couple hundred bucks waiting on the manager to come back with bids im also sending my own contractor in for bids
I’m confused. Do you not know what it will rent for? What do your numbers look like?
repairs look like less than 1000 total....all in cost with 20% down and closing cost is $12,800 plus the repairs. rent is approx goes for 700 my mortgage including taxes and insurance is 330 property manager 10% so i will end up with about 300 income setting aside 200 per month for repairs and ill be seeing about 100 that i just might recycle back in and pay off the mortgage quicker.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing