Second property bought

[Corey Young]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $148,000
Cash invested: $173,000

Found a FSBO. She was wanting to move out quickly. I provided the inspection and appraisal before we signed any papers. 3/2 1,700 sq/ft. All cash
Renovated for 25k.
Currently appraising for $240k

What made you interested in investing in this type of deal?

Sounded like a great deal from the start.

How did you find this deal and how did you negotiate it?

I drove by and saw the for sale sign. I told her I buy houses and can do it pain-free for her. I was transparent with all my numbers.

How did you finance this deal?

All cash

How did you add value to the deal?

New paint, termite extermination and repair, Add trim and baseboards to most of the house. Finished out a laundry room. Tore out disgusting carpet in master bedroom and put down brand new laminate plank (looks fantastic.)

What was the outcome?

Currently have it rented out.

Lessons learned? Challenges?

I didn't bother having the gas turned on before buying it, but saw the furnace was relatively new. Come to find out, the thermostat was fried so I had to replace that and a gas line to the stove. Next time I'll make sure to have all the utilities turned on or ask for additional credits for anything we might find after the fact.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Nope.