Updated 4 days ago on . Most recent reply
Successful Investment in Dayton!
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $180,000
Cash invested: $15,000
Beautiful two story house just down the road from Wright Patterson AFB, Fairfield Commons, Wright State University, and more! With 3 Bedrooms, 2.5 bathrooms and a 2 car garage, this house has spacious design featuring a newly remodeled kitchen as well as new flooring downstairs. Sliding door opens up to a large back patio, a perfect spot to grill where you can enjoy meticulously maintained grass and plenty of sunshine. Lawn care is included. House comes with all appliances ready to go including a washer and dryer!
What made you interested in investing in this type of deal?
I was interested in buying a second investment property. Being military, I saw the value of being located near a Air Force Base.
How did you find this deal and how did you negotiate it?
I bought this deal sight unseen, and was able to negotiate it through realtors utilizing FaceTime and and video technologies as well as doing market research about the area.
How did you finance this deal?
I financed this deal as a second home loan with 10% down.
How did you add value to the deal?
I was able to add value to the deal through improvements to the first story including new floors, kitchen, and paint.
What was the outcome?
I am now able to rent this property with decent cashflow and very little money down.
Lessons learned? Challenges?
Because I bought this house sight unseen, I did have unexpected repairs and cleaning such as a new roof, dirty vents, old appliances, and trees that caused root damage. Another challenge that I faced when renting was the seasonal change during the winter. If a lease ends during the winter it will take longer to find someone to rent as less people are moving in the area during the school year and the cold months.
