Long-term rental - Cary, NC

[Scott Ashworth]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $335,000
Cash invested: $405,000

Buy & hold property purchased in Cary, NC. 4 bed, 3 bath house with sunroom and screened-in-porch.

What made you interested in investing in this type of deal?

Location

How did you find this deal and how did you negotiate it?

Driving for dollars & writing hand-written note. The Seller had an appraisal performed in May 2021 and I agreed to pay that price.

How did you finance this deal?

Cash - but will be a BRRRR.

How did you add value to the deal?

It was a 4 bed, 2 bath property when I purchased. I added a 3rd bath, giving the master bed it's own bathroom. We put in all new plumbing (pipes) and electrical.

What was the outcome?

We got a 12-month lease with $3,000/month.

Lessons learned? Challenges?

I hired a project manager to manage my current/future projects.