Single-family residence buy & hold investment in Willow Spring.
Purchase price: $152,000
Cash invested: $3,500
So I am closing on my first deal this week, I was able to work out seller financing, subject to his original mortgage.
3 years no interest
6% after that (though we will likely refinance)
$3500 put into the house (carpet and paint)
Appraised at 170k
3 Bedroom, 2 bath home on 1.5 acres
What made you interested in investing in this type of deal?
1) its next to our house
2) he needed to sell fast due to a job relocation
3) he had equity and didn't need it out
How did you find this deal and how did you negotiate it?
Him and I talked about it for a couple months
How did you finance this deal?
How did you add value to the deal?
Gave him a quick solution to his problem, he needed a quick sale. He tried OpenDoor but the lot is too large. He didn't have time to fix it up to sell and he did get a cash offer for about $10k less than him and I agreed on.
What was the outcome?
We have a tenant moving into the house, and we will cashflow every month
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