My First Rental property
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $45,000
Cash invested: $9,000
5 Bedroom 1 bath single family home, great opportunity to cashflow as an investor.
What made you interested in investing in this type of deal?
The numbers made sense, cashflow amount and that the place has existing tenant.
How did you find this deal and how did you negotiate it?
My business partner found it on his mail route and brought it to my attention.
How did you finance this deal?
Traditional Loan with local Credit Union.
How did you add value to the deal?
Sell was selling the house for $58,000. I argued to the seller that we wouldn't go higher than $45,000 as they've made no upgrades to the house since they've owned it. Our final offer was $45,000 and for sell to cover closing cost.
What was the outcome?
Seller agreed to our terms.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Jill Sorrell with Mel Foster Co.