Long-term rental - Cary, NC
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.
