Updated over 2 years ago on . Most recent reply
5977 Monaco CT, Norfolk, VA 23502
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $250,000
Cash invested: $37,000
Our first investment property, we're super happy with the outcome. Rehab 15k on budget, couldn't afford contractor yet so DIY at the moment. Still needs some touchups (about 10k)
What made you interested in investing in this type of deal?
Needed a property with a lot of potential. This was it. We need to use the property during summer for our work crews and the rest of the year have it rented. No more paying for hotels Yai! This property is great fit for us due to it's location and all kind of ways to have it rented, plus can be expanded, the small attached garage could be made in to extra room, with its own bath. Has a pool which is another benefit to rent fast in this area. (Long term, Short Term, Mid Term,... you name it)
How did you find this deal and how did you negotiate it?
Found it on Redfin and negotiated through our real estate agent, we offered less for the property and 50% closing cost credit.
How did you finance this deal?
We did 3% conventional loan.
How did you add value to the deal?
Rehab
What was the outcome?
Current cash flow $1000 after all expenses and possibly higher in future.
Lessons learned? Challenges?
We learned a lot from the construction part, since this was our first investment property and we did all the work on our own. We also learned a ton about finding a good tenants and how to manage certain things.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
We found him thanks to his YouTube presence :)
Sam Sansalone
Wainwright Real Estate
(757) 577-8764
www.samsansalone.com