Single-family residence buy & hold investment.
Purchase price: $18,500
Cash invested: $10,000
3/1/1 936 sq ft. Section 8 $700/mo.
What made you interested in investing in this type of deal?
Asked my mortgage broker about rental loans and he told me what he was doing.
How did you find this deal and how did you negotiate it?
Wife found as brand new listing on MLS. Slightly reduced offer price with new agent.
How did you finance this deal?
How did you add value to the deal?
Minor rehab. Already had new carpet / laminate flooring and interior / exterior paint. Repaired windows. All new lowers in kitchen. Everything brought up to HQS standards for section 8.
What was the outcome?
Passed first housing authority inspection. Renter moved in that day.
Lessons learned? Challenges?
Don't take so long to rehab (9 months : friend, contractor!).
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Billie Mills at FirsTitle, Broken Arrow. Fast, easy and professional.
Great deal Gregg, congratulations.
Thanks @Todd Rasmussen. Closing on next property at the end of this month. Currently 2/1/0 1104'. Purchase $29,500. Add $8K to convert to 3/1/0 and minor repairs. Should rent @ $750/mo with $511/mo cash flow.
Wow those are enviable numbers! Congratulations and thank you for sharing your success story with us.
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