Updated almost 7 years ago on .
Sold this long term Buy and Hold before making renovations
Investment Info:
Single-family residence buy & hold investment in Cahokia.
Purchase price: $15,000
Cash invested: $10,000
Sale price: $9,000
Four Bedroom: Rented @ $750.00 a month years. Gross Rents well over $100K. No major renovations since date of purchase. Needed a lot of work so I sold it to a local investor at a discount. Neighborhood has changed and gotten worse. Too far away for me to manage it effectively. Almost fully depreciated according to the IRS. Moving on to a new neighborhood.
What made you interested in investing in this type of deal?
About the 10th rental I purchased.
How did you find this deal and how did you negotiate it?
House was foreclosed. Seller was United Companies Lending Corp out of Louisiana
How did you finance this deal?
NA
How did you add value to the deal?
Rented it for 20+ years at $750 a month.
What was the outcome?
Sold to another investor
Lessons learned? Challenges?
I am getting old
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No