Updated 11 days ago on .
2nd rental property!
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $62,000
Cash invested: $24,000
Single family 2 story house with a 2 car garage. The only house I own without a basement. $250 cashflow/mo. after putting away $150/mo for expenses. Great property so far.
What made you interested in investing in this type of deal?
Monthly cashflow and creating affordable housing.
How did you find this deal and how did you negotiate it?
This deal was found on the MLS. Simple negotiations with the seller through our respective real estate agents. Bought for about $6k under asking price.
How did you finance this deal?
Bought with traditional bank financing.
How did you add value to the deal?
Cosmetic remodel as well as finishing the attic to create a bedroom and an office space.
What was the outcome?
This property was rented before the remodel was complete and the same tenant remains in the property.
Lessons learned? Challenges?
The only real challenge with this place was trying to stay on budget and not over-rehab.