Townhouse buy & hold investment in Lynn Haven.
Purchase price: $84,000
Cash invested: $34,100
Sale price: $160,000
Lynn Haven, FL 3 Bdr/2Ba 1,050 Sqft Townhouse BRRRR
What made you interested in investing in this type of deal?
We have a great rental market.
How did you find this deal and how did you negotiate it?
I found this owner from our direct mail campaign.
How did you finance this deal?
We leveraged hard money.
How did you add value to the deal?
We painted the exterior and interior, installed new floors, refinished bathtubs, refinished kitchen cabinets, and installed new windows.
What was the outcome?
Purchase Price: $84,000
After Repair Value (ARV): $160,000
Closing Cost: $5,500
Interest Payments: $1,100
75% LTV, 4% Interest Rate, 25 Yr Amortization
Loan Amount: $120,000
Mortgage, Interest, Taxes: $840
Property Management: $150
Lessons learned? Challenges?
We leveraged a new property management company that thought we could receive $100 more per month than my estimate of $1400. She was correct as it rented for $1500 in less than one week.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I use residential capital partners for my hard money lending.
nice work! Love the Lynn Haven area.
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