First TDY Home in Albuquerque NM.
Investment Info:
Single-family residence buy & hold investment in Albuquerque.
Purchase price: $293,500
Cash invested: $30,000
A home that is used to house traveling military professionals. I rent this out per room which turned this single family house, essentially into a 4-plex.
What made you interested in investing in this type of deal?
I am in the military and understand how the government pays for TDYs.
How did you find this deal and how did you negotiate it?
In order to reduce the amount of overhead, I negotiated a 12 mo. lease-to-purchase deal. This allowed me to utilize my capital to fill the property with furniture. The cash flow it generates for the first year will go towards the down payment next Jan.
How did you finance this deal?
Lease for now. Conventional loan next year.
How did you add value to the deal?
Turned a single family into 4 doors that cashflow
What was the outcome?
TBD
Lessons learned? Challenges?
Marketing for a great product can be a challenge
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes. Randy Campbell in Albuquerque NM.