Updated about 3 years ago on . Most recent reply
Second Property in Baltimore
Investment Info:
Townhouse buy & hold investment in Van Buren Point.
Purchase price: $175,000
Cash invested: $17,000
3/2
PP $175k
5% down
$8k Closing Cost
Cashflow around $400 a month
Market Rate Tenant
Prop Management 8%
What made you interested in investing in this type of deal?
It has two kitchens. Nicely renovated
How did you find this deal and how did you negotiate it?
Found on Redfin and negotiated through a RE Agent. Accepted first offer
How did you finance this deal?
Conventional 5% loan
How did you add value to the deal?
Light cosmetic work. Didn't add too much value
What was the outcome?
Good tenant @ $1800 a month.
Lessons learned? Challenges?
DO NOT use the cheap Nest Smart Thermostat. Bring professional to inspect HVAC during due diligence period. Use HomeServe insurance. Double check with prop management before doing any work.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes I worked with Joe Peters in Baltimore