Atlanta - 2nd buy and hold
Investment Info:
Single-family residence buy & hold investment in Atlanta.
Purchase price: $191,000
Cash invested: $14,000
Single Family buy and hold. Purchased and completed bathrooms and other minor cosmetic rehabs. Monthly cash flow not including maintenance, cap ex expenditures.
What made you interested in investing in this type of deal?
long term wealth building, extremely cheap financing.
How did you find this deal and how did you negotiate it?
MLS, not much negotiating happened in a rapidly escalating market, however there was less retail competition due to the work required.
How did you finance this deal?
Conventional
How did you add value to the deal?
2nd bathroom had been ripped out due to water damage. Lot severely overgrown, floors in bad shape, house was generally not well taken care of. I completely re-did both bathrooms, re-working layouts to be more functional. re-did floors, tamed lot, other minor cosmetic upgrades and repairs.
What was the outcome?
rented for top dollar, very strong interest, could have priced rent higher in hindsight.
Lessons learned? Challenges?
As usual, contractors were the main challenge. Quality work done on time within budget is extremely difficult to find, managing from a distance makes that even harder. For the next deal I'll be looking for something where I don't have to leave as much cash in the deal.
