Second Deal, learned to buy newly fixed
Investment Info:
Single-family residence buy & hold investment in Reidsville.
Purchase price: $68,000
Cash invested: $14,000
I bought this property from a contractor who flipped it. 3/1 in quiet court. Wonderful house because all the work had been done on it.
What made you interested in investing in this type of deal?
I liked the idea that a contractor had come in and totally flipped it. I was buying a new house in theory under $70000.
How did you find this deal and how did you negotiate it?
found this through Zillow, and worked with a local agent.
How did you finance this deal?
traditional mortgage
How did you add value to the deal?
This house by being totally new was the upgrade. It took me 2 hours to find a renter.
What was the outcome?
it has been a great investment. I have not had to pay $1 in upkeep.
Lessons learned? Challenges?
but something totally flipped when you yourself cant fix things.