2nd Rental Property I bought with my wife and I
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $70,000
Cash invested: $25,000
Great single family home thats a 2 bd 1 bath and large yard.
What made you interested in investing in this type of deal?
I was interested in this deal because it was a tenant occupied house. The rent compared to the mortgage was attractive because i know i wouldn't have to pay for any of the utilities at all. So the cashflow was a good amount where i know i can stack my money quicker with this purchase and refinance later on down the line.
How did you find this deal and how did you negotiate it?
My realtor's associate found me this off listed house for sale. The negotiation was pretty much straight forward. There was no real negotiation to buying this house. I bought it as is and at the listing price. The owner didn't want to budge on the price. I figured using the 1% rule, it was a great deal either way.
How did you finance this deal?
I went the conventional route with a 30 year fixed mortgage. I paid 2 points to lower my rate down to a flat 5%. I put 25% down as well just so my mortgage payment would be lower as well.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes i worked with Rochelle and Valeria as the real estate agents with Berkshire out of OHIO and Matt Steinke with FIrst Ohio Home. I would definitely recommend them.