Single-family residence buy & hold investment in Fayetteville.
Purchase price: $48,000
Cash invested: $15,000
Great 1st floor, 3 bed/2 bath condo with patio right on the lake. Updated throughout with new appliances, lighting fixtures, carpet flooring, and bathrooms. Great room with wood burning fireplace. Minutes to Ft. Bragg. Access to community pool.
What made you interested in investing in this type of deal?
What I was looking for was passive income, and a rental property seemed to be a great way to achieve that.
What was the outcome?
I receive a reasonable and consistent passive income for my investment. The condo requires minimal upkeep, and the company that manages the HoA for the complex does a good job of keeping up on regular maintenance. They even lists the property for me whenever a tenant moves out, and screens and selects new tenants for me.
Lessons learned? Challenges?
I would advise anyone interested in owning a rental property to make sure they do a through cost analysis prior to purchasing. Look for any new construction that may drive your rental price down, account for regular maintenance and upkeep, and be sure to have a sufficient amount of liquid assets available at all times for if and when something needs repairs.
@Stephen Bardos congratulations! Do you mind sharing your rent price/cash flow information?
Right now, rent is about $700/month and after all expenses and taxes I pocket about $350/month. The property is in NC and housing costs in that area are low. And remember what I said about new construction? About a year or two after I bought the condo some new apartment complexes opened up in the area. So my profit margins took a little hit. But at the end of the day, its still passive income which is always nice.
@Stephen Bardos awesome! Would you recommend the contractor you used? I'm looking for a few good ones to execute BRRRs
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