Single-family residence buy & hold investment.
Purchase price: $73,500
Cash invested: $18,500
A single-family home that contains 1,194 sq ft and was built in 1980. It contains 3 bedrooms and 1.5 bathrooms
What made you interested in investing in this type of deal?
Already rented, ranch style, brick
How did you find this deal and how did you negotiate it?
Through a wholesaler
How did you finance this deal?
Cash then refinance it about 90 days later
How did you add value to the deal?
Waiting for the turn to add value, but let the tenants paint the interior of the property.
Lessons learned? Challenges?
Shopping for banks is easier said than done, but you are can control the terms.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Cadence Bank in this area is very easy to work with and provides very competitive terms.
Nice!! I’m a buy and hold investor in Augusta, Ga also! I’ve never used Cadence bank. Are you using them for a cash-out refi?
@Christian Wamsley thanks for sharing!
@Bradley Davidson Yes, I am currently doing another one with them and use that to pay off this property. Then working on getting a line of credit for this property.
Nice job Christian! Looks like a great house
@Christian Wamsley -- Thanks for sharing those details on your rennovation. Good job. I needed a good lead on banking. I will have to check out Candence Bank. Another real estate contact has recommended Security Federal Bank and Queensboro. I haven't tried either of those. Did you happen to try either of those before your selected Candence?
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