Updated almost 4 years ago on . Most recent reply
First Buy and Hold - Laredo Ridge
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $300,000
Cash invested: $110,000
Purchase price $300,000, 20% down payment. ARV $435-450k. $50,000 in upgrades/fixes. Good amount of equity and very nice cash flow. Renting below market for $2,000 and will increase to $2,295 in 2022. So, should be close to $1,000 cash flow and then I will be much happier.
What made you interested in investing in this type of deal?
Easy... financial independence, and bigger pockets.
How did you find this deal and how did you negotiate it?
Referred by a past client
How did you finance this deal?
Traditional investment loan, 20% down, 3.875% and no PMI.
How did you add value to the deal?
New flooring, new paint, new deck, new landscaping (zero scape in front yard), new concrete including expanding the driveway to fit 3 cars, miracle method the tubs and shower surrounds, glass shower doors
What was the outcome?
This one turned out amazing and I would/will do this again if given the opportunity.
Lessons learned? Challenges?
Lesson learned... do more of these, lot's more!!! This was our first investment and I am officially addicted.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I was the real estate agent and I highly recommend working with me! :)