Single-family residence buy & hold investment in Jacksonville.
Purchase price: $74,500
Cash invested: $2,000
Purchase price: $74,500.00
Cash invested: $2,000.00
Monthly cashflow: $305.00
Purchased using a $0 down VA loan at 3.6% interest.
Rents for $950/month on a year to year lease
Utilizing property manager for 7% of the rent
What made you interested in investing in this type of deal?
A friend told me I have to find a property and buy it.... don't rent just buy he said... just buy.
How did you find this deal and how did you negotiate it?
I found it in the MLS as a Foreclosure. I did not negotiate, because it was going to cash flow from the asking price and i didn't want to lose the opportunity, I did ask for closing cost 3%. So i did not pay for any closing cost.
How did you finance this deal?
VA, No money down!!!! love it.
How did you add value to the deal?
I painted and put in a backsplash in the kitchen, thats it.
Lessons learned? Challenges?
Well I learn that you really need to pick the correct realtor for you. I did not and the first experience was not good one. He should gave me half of his commission. lol.
My advice don't rush or feel pressure to work with anyone that just show you a house. That's is the realtor job they are not doing you a favor, obviously respect everyone time but don't feel bad on walking away from someone if they are not working out.
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