Updated 11 months ago on .
HELOC purchase paid in full
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $23,000
Cash invested: $2,000
Sale price: $70,000
Cute 1 bd/1ba bungalow.
What made you interested in investing in this type of deal?
Excellent long term rental opportunity
How did you find this deal and how did you negotiate it?
Found it on zillow
How did you finance this deal?
Used HELOC from my primary residence. This was my very first rental property.
How did you add value to the deal?
I had a tenant ready to rent prior to the home sale.
What was the outcome?
The home had very little mtnc needed. New hot water heater, but overall, the home paid for itself in rents two times, and then upon the sale, tripled the investment.
Lessons learned? Challenges?
Advisable to do a walk through and property walk once a year when you have a long term tenant.