4th rental property!
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $72,000
Cash invested: $800
Single family 1 story house with a basement and a 1 car garage. 2 bed 1 bath.
What made you interested in investing in this type of deal?
This house was mostly turnkey. Just needed to epoxy the countertop in the kitchen and put in some new trim boards.
How did you find this deal and how did you negotiate it?
I found this on the MLS for $75,000, bought it for $72,000. Simple negotiation with the seller.
How did you finance this deal?
I bought this house with traditional financing with 25% down.
How did you add value to the deal?
New garage door and new electrical to the garage.
What was the outcome?
This house rented about a week after I finished the rehab. The same tenants are getting ready to sign a lease for their 2nd year and have shown interest in buying it next year.
Lessons learned? Challenges?
Someone else had already done an epoxy job on the kitchen counter but did it badly so I had to do it again. Turns out they didn't prep the countertop properly and their epoxy has released and now I have to put in a new countertop. If you have to re-epoxy someone else' work, justify replace the countertop.