Updated 3 months ago on . Most recent reply
Single family in low income area
Investment Info:
Single-family residence buy & hold investment in Daytona Beach.
Purchase price: $57,000
Cash invested: $7,000
Purchased from a wholesaler for $57k, added $7k in value, cash out refinanced (appraisal came in at $94k), rented out for $1200 a month. Current value approx $130.00
What made you interested in investing in this type of deal?
It was crazy cheap
How did you find this deal and how did you negotiate it?
Wholesaler, negotiated down slightly
How did you finance this deal?
HELOC then cash out refinanced to a commercial loan
How did you add value to the deal?
Renovated interior-bathroom and kitchen, painted exterior
What was the outcome?
It's only had a month of vacancy, currently rents for $1200 and has capital appreciation
Lessons learned? Challenges?
I don't do leases on this house as it's in a challenging area and I want to be able to get rid of bad tenants quickly.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am the Realtor, used my contract and I own the property management company. I have two commercial bankers I love and would highly recommend. I used one of them on this deal.