Townhome needing a little love
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $55,000
Cash invested: $13,000
As our first investment as real estate investors, my wife and I wanted to stay with something that was financially comfortable that also didn't require a major overhaul. While needing some love in the kitchen (new countertops, backsplash, appliances) most of the work we are comfortable doing ourselves.
Our overall goal is to buy/hold and use this exclusively as an AirBnb property. If it doesn't pan out, we'll look for a traditional renter and still make decent money on the unit.
What made you interested in investing in this type of deal?
Cash flow, replacing our traditional jobs;income.
How did you find this deal and how did you negotiate it?
We had been researching the area for quite some time and was very near purchasing a different property when this one popped up on Zillow for $20k less, so we jumped on it.
How did you finance this deal?
15% down, commercial loan with a local lender.
How did you add value to the deal?
Upgrades throughout . . . light fixtures, ceiling fans, appliances, countertops, paint (everywhere), faucets and fixtures . . .
What was the outcome?
TBD