Single-family residence buy & hold investment in York.
Purchase price: $34,000
Cash invested: $4,000
We bought this 5 bed 1 bath home as a cash-flowing rental. We bought it below list price in 2019 and put a little bit of cash into it to get it to where it needed to be to be rented. It has more than doubled in value since we bought it. Plus we have had great tenants in there for the last 2 years paying $900.00 per month.
What made you interested in investing in this type of deal?
My wife and I wanted a cash flowing asset to pay my US student loans so that we did not have to transfer money from our home in Australia. We were on the look out for a property that would fit that criteria.
How did you find this deal and how did you negotiate it?
We looked at a number of deals on the MLS before we travelled to the US on a family trip. We managed to contact an agent that we really gelled with and understood our goals. She helped us line up some inspections while we were in the US. This was one of them. We made an offer for $5,000 off the list price and the seller just wanted out.
How did you finance this deal?
We paid cash for this deal.
How did you add value to the deal?
We fixed up some issues in the house after we bought it which raised the value slightly. But the real value add has been the recent property market.
What was the outcome?
We still own it as a cash flowing asset. We do want to tap into the equity of the property to purchase more single family residences in the area.
Lessons learned? Challenges?
We learned that it is so important to have a team that you trust on the ground. Living 10,000 miles away forces you to use a team. Get references for any trades used!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes! We worked with Brittany Dalton, who is an absolute legend in the area!
Congrats on this investment @Hunter McBryde !
Thank you @Dmitriy Fomichenko !
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