Updated 13 minutes ago on . Most recent reply
Sold my first deal
Investment Info:
Single-family residence buy & hold investment in Royal Oak.
Purchase price: $210,000
Sale price: $290,000
3bed 1 bath bungalow.
What made you interested in investing in this type of deal?
This was a primary residence that I converted to a rental.
How did you add value to the deal?
New carpet, paint, landscaping
What was the outcome?
I made money on the deal, but if was a money-pit waiting to happen.
Lessons learned? Challenges?
Maintenance and upkeep can kill cash flow. Older homes, while charming and full of character, come with knob & tube electrical, crumbling main sewer lines, garages that need attention, etc... When I sold, I was upfront with the condition of the home and what changes/updates would be required. Even had a few quotes to get the buyer started.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
yes.