Single-family residence buy & hold investment in Longview.
Purchase price: $225,000
Cash invested: $3,000
These were 4 SF homes all on the same lot. All occupied when we bought them
How did you find this deal and how did you negotiate it?
Found the deal on the MLS. They were asking $285,000. And when we walked through the houses we new they needed updating and one needed a lot of work. We had some information on the seller. The seller was elderly and was no longer wanting to have to deal with renting and maintaining the property. So we just put in an offer!
How did you finance this deal?
A local bank. They were able to let us do an ARV for the appraisal. It apprised for enough to were we didn't have to put down any money. We actually got a check for $10,000 when we closed! Because one of the tenants was going to have to be evicted as soon as we bought it, and it was destroyed on the inside.
How did you add value to the deal?
We renovated all 4 units.
What was the outcome?
When we bought the 4 houses. They are all 3 bedrooms 2 bathrooms. They were renting for $750 a month. And now they are renting for $950 a month and stay fully occupied!
Lessons learned? Challenges?
Make an offer, you never know until you try!
@Benjamin Dodd awesome congratulations!
@Zackary Martin thanks
Very nice and I like that you were able to get in for not a lot of cash.
@Benjamin Dodd is it common for local banks to allow you to use an ARV for the appraisal? How were you able to pull that off? I am a new investor in the Longview area and would like to connect.
@Benjamin Dodd sounds like a great deal, I love reading stories like this. I’m in Longview and have a handful of properties. What bank did you work with for this project? I’m not originally from Longview, and am still using my old bank, but would like to work with someone local who is investor friendly. Thanks in advance!
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