Townhouse buy & hold investment in Baltimore.
Purchase price: $75,000
Cash invested: $35,000
2/2 Row home, end of row in Baltimore, MD (Brooklyn neighborhood)
What made you interested in investing in this type of deal?
Cash flow, location, neighborhood is showing some appreciation.
How did you find this deal and how did you negotiate it?
Bought it from a wholesaler
How did you finance this deal?
How did you add value to the deal?
New plumbing, new deck, all around updating.
What was the outcome?
Rented to a happy young family. They love having the park across the street.
Lessons learned? Challenges?
Stay involved in your renovations. Don't just trust the guy to do the work.
Great job! Are you planning to refi out of the hard money loan? We have noticed an increase in rates so you may want to stay on top of that if that is your plan. Also, how much rent are you getting?
Thanks Alyson! Yep, I'll refi out in a few months.
Hey, @Harold Gontz congrats on this! Great job!
Do you mind sharing a bit more info on the numbers? ARV, remodel cost (Was it covered by HML?), holding cost, rent rate, expenses, etc?
Hi Jeremie. To be honest the rehab costs got away from me so it would have been a better deal had I managed it better. In that neighborhood ARV's are around $125k-$130k. The HML covered purchase price. It took a couple months to find a good tenant. Net is roughly $150-$200/mo.
@Harold Gontz nice work, congratulations!
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