2nd Rental Property I bought with my wife and I

[George Duchatelier]

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.

[Olivia Radziszewski]

@George Duchatelier- Thank you so much for sharing. And congrats on the deal!!

[George Duchatelier]

Quote from @Olivia Radziszewski:

@George Duchatelier- Thank you so much for sharing. And congrats on the deal!!

Thank you!!

[Nate Sanow]

@George Duchatelier sounds like a home run. Congrats to you sir.  Let me ask you, is this a common price point in your market?  Or is this way under value?  It sounds fairly cheap….what are the rents?  Just curious.  Best wishes.  

[George Duchatelier]

Quote from @Nate Sanow:

@George Duchatelier sounds like a home run. Congrats to you sir.  Let me ask you, is this a common price point in your market?  Or is this way under value?  It sounds fairly cheap….what are the rents?  Just curious.  Best wishes.  

Youngstown and surrounding areas are super cheap. Mind you the houses are usually built in the early 1900s. Lot of houses need rehab and things like that. But I got lucky and found the houses in pretty good condition. No real work needed. My duplex rents are 495 (way under market value) which I will raise soon and the other side is 750.  My SFR is 945

[Nate Sanow]

Quote from @George Duchatelier:

Quote from @Nate Sanow:

@George Duchatelier sounds like a home run. Congrats to you sir.  Let me ask you, is this a common price point in your market?  Or is this way under value?  It sounds fairly cheap….what are the rents?  Just curious.  Best wishes.  

Youngstown and surrounding areas are super cheap. Mind you the houses are usually built in the early 1900s. Lot of houses need rehab and things like that. But I got lucky and found the houses in pretty good condition. No real work needed. My duplex rents are 495 (way under market value) which I will raise soon and the other side is 750.  My SFR is 945

 Cool.  Thanks for sharing.  Sounds like a good deal.