3 bedroom, 1 bath property in North Little Rock
Investment Info:
Single-family residence buy & hold investment in North Little Rock.
New metal roof, painted the interior and exterior, sanded and painted the kitchen cabinets, and installed a new furnace. New vinyl plank flooring and carpet were installed throughout the home, all of the electrical outlets were replaced, and the A/C condenser and compressor were replaced.
This property is currently listed for sale! Purchase price of $76k if purchased with cash or financing, or $85k if purchased with seller financing. Contact me if you're interested!
What made you interested in investing in this type of deal?
I purchased a package of 4 properties in Little Rock, AR in September 2020 and renovated them to increase the rents. I have sold the first three, and I am now in the process of selling this property. There is a tenant on a 2-year lease at $950/mo, with an automatic 3% increase after the first year.
How did you find this deal and how did you negotiate it?
This was a package purchase...a wholesaler reached out to me in August 2020 to see if I'd be interested. I ran the numbers, negotiated a price decrease, and then performed inspections and purchased this package with cash.
How did you finance this deal?
This was an all-cash purchase.
How did you add value to the deal?
I performed renovations on three of the properties; one of them I just ended up selling to an investor after renting it out for a couple of years.
What was the outcome?
There was decent to good cash flow for the period I held these properties. Three of the properties were sold for a small profit and the last is currently listed for sale.
Lessons learned? Challenges?
One of the properties had foundation issues; I was aware of this from the inspection report but it ended up being quite extensive.
