4th investment purchase
Investment Info:
Single-family residence buy & hold investment in North Little Rock.
Purchase price: $127,500
Cash invested: $80,000
4 bed 2.5 bath 2 car garage fenced backyard, small storage building on side of house
What made you interested in investing in this type of deal?
bought house being a foreclosure. initially bought as a flip. demo house myself. repaired what i could. contracted out what i could not. tried to sell with no success. decided to rent it out and refinance.
How did you find this deal and how did you negotiate it?
realtor friend was scrolling through mls. made offer after walk through. after 3 months of negotiating. finally closed
How did you finance this deal?
construction loan for a year, then conventional
How did you add value to the deal?
neighborhood didnt sell homes often. i knew it would appraise for a high dollar amount
What was the outcome?
fully updated and modified house. eventually rented for its market valued rents
Lessons learned? Challenges?
different standards for flipping and renting. contractors are mostly lazy and lack efficiency. if you can do it yourself, by god, DO IT. otherwise youll be there babysitting contractors. even if you can manage 1-2 hours a day to do something progressive, youll still work faster than most contractors there for a week at 8 hrs a day.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
yes but she is no longer an agent