Updated 3 months ago on .
3rd rental property!
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $38,000
Cash invested: $12,000
Single family, two story with a basement and single car garage. 2 bed 1 bath.
What made you interested in investing in this type of deal?
This was a very economical house with good cashflow.
How did you find this deal and how did you negotiate it?
I found this house by driving for dollars. Sign in the front yard FSBO.
How did you finance this deal?
Traditional bank financing, 25% down.
How did you add value to the deal?
Complete kitchen remodel, inexpensive attic remodel because it's only fit for storage. Not enough room to make it living space.
What was the outcome?
This house was rented before the remodel was complete. The same tenant intends to stay for 2 more years minimum.
Lessons learned? Challenges?
Check for basement leaks right after a heavy rain if you can get additional access to the property.