Fredericksburg VA TH buy and hold
Investment Info:
Townhouse buy & hold investment.
Purchase price: $159,000
Cash invested: $11,000
Purchase Price: 159,000
Financing: 20% down Conventional
Closing cost: 4,000
Repairs/upgrades: 7000
Total Cash invested: 42,800
Mortgage/Taxes/Insurance: 780.00
HOA: 70
Rent: 1,500 3 year lease
Cap exp: 5% (75)
Maint: 5% (75)
Cash flow: $528.00
Cash on Cash: 15%
What made you interested in investing in this type of deal?
unusual to find a town house at that low of a price in the area that we wanted to have an investment property.
How did you find this deal and how did you negotiate it?
Through some contacts at a senior care facility, the seller wanted to move in to the facility but needed to sell quick for that to happen.
How did you finance this deal?
20% down conventional loan
What was the outcome?
bought in October 2019, rehab took 6 weeks, renter moved in Dec 2019, signed a 3 year lease.
Lessons learned? Challenges?
Contractors were unreliable, it was outside the area that my go to guys service and I had a few bad experiences with the contractors I started with.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My wife and I run a team in Northern Virginia, so I recommend us!
