Alabama buy, hold, & rent deal

[Daniel Williams]

Investment Info:

Single-family residence buy & hold investment in Montgomery.

Purchase price: $1,200
Cash invested: $25,000

This property has been renovated from top to bottom and is larger than it appears: family room, dining room, 3 bedrooms, small kitchen, laundry/mud room, and a fenced yard. The updates include a new roof, new laminate flooring, new tile flooring, new double-pane insulated windows, new kitchen and bath updates... This home is all electric-no gas bills here! Mini-Split A.C./Heating system will be installed before tenant moves in. Located on a quiet street with good neighbors. Security cameras are installed. Close to downtown entertainment (less than 2 miles); enjoy the local bars or catch a Biscuits game.

How did you find this deal and how did you negotiate it?

I found this deal through a family member.

How did you finance this deal?

I used my saving from my 401K account.

How did you add value to the deal?

I rehabbed the entire house.

What was the outcome?

Currently renting this property for $800 per month and seeking a lender for a HELOC.

Lessons learned? Challenges?

Contractors! Contractors! Contractors! Contractors! LOL

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No