Updated almost 2 years ago on .
First buy and hold
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $38,000
Cash invested: $25,000
2 story 3 on 1-1/2 with an unfinished basement and 2 car garage.
What made you interested in investing in this type of deal?
My first investment. Just testing the waters.
How did you find this deal and how did you negotiate it?
The deal was on the MLS for $49900. I simply bid low and negotiated up based on rental history of the house.
How did you finance this deal?
Bank
How did you add value to the deal?
Replaced EVERYTHING. Moved the laundry to the first floor from the basement, new cabinets, new deck, new siding.
What was the outcome?
It's been rented all but about 3 weeks since I finished it. Mortgage is 1/3 of rent, emergency funds are about 1/3 of rent, saving the last 1/3 for the next investment.
Lessons learned? Challenges?
When you see water spots, dig deeper!