Updated over 3 years ago on .
The perfect machine.
Investment Info:
Townhouse buy & hold investment.
Purchase price: $340,000
Cash invested: $5,000
Beautiful town house which is 2 years old, that I live in currently until the next opportunity arrives. Mortgage is $1476.00 and the next door neighbors are renting for $2,750.00 for the exact same house.
What made you interested in investing in this type of deal?
I found an off market deal. Convinced the seller to sell it to me. Seller cancelled her open house and gave it to me for what she was going to start the bid at.
How did you find this deal and how did you negotiate it?
I found the deal on Zillow believe it or not. Seller by owner and I reached out.
How did you finance this deal?
10% conventional, waived inspection since it was 2 years old the property was still under warrantee.
How did you add value to the deal?
Walked in with equity; however, I also added storage racks and electrical updates.
What was the outcome?
Perfect money maker for when I move to the next project.
Lessons learned? Challenges?
Be patient, your time will come. I had another property that I was about to buy, but something in my gut told me to wait. I waited and nit only is it the best townhouse with the best view but a money making machine when the time comes.
