Upgrading Huntsville Venture
Investment Info:
Single-family residence buy & hold investment in Huntsville.
Purchase price: $245,000
Cash invested: $79,000
Attractive B class property within 1 mile of HSV medical district.
What made you interested in investing in this type of deal?
Long term hold for (fingers crossed) equity gain along with good cash flow.
How did you find this deal and how did you negotiate it?
Zillow. It had been sitting for 6 months. Negotiated them down $30,000 from asking price.
How did you finance this deal?
Small local bank.
How did you add value to the deal?
Yes, put $34,000 into a new HVAC, Paint, Lighting, Tree Removal, and a few other odds and ends.
What was the outcome?
So far so good. Renters in place in October 1, property is performing as expected.
Lessons learned? Challenges?
Upgrading to B class is worth it.
Difficult to keep a good contractor busy enough to keep loyal.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
George Lensch (AGENT)