Updated about 6 years ago on . Most recent reply
First Investment property
Investment Info:
Single-family residence buy & hold investment in Augusta.
Purchase price: $48,000
Cash invested: $10,000
Managed to get 15% down on a high cash flow property in Augusta, GA. Property came with 10 year tenants.
What made you interested in investing in this type of deal?
High ROI
How did you find this deal and how did you negotiate it?
Off market sale whiling putting another property contract.
How did you finance this deal?
Traditional financing
What was the outcome?
Property cash flows well, however tenants started paying late. Never defaulted on rent, but the repeating lateness is not optimal.
Lessons learned? Challenges?
Some items in home were nearing end of life. Know now to not be afraid to renegotiate with seller to better ensure less maintenance in future.
Most Popular Reply
If you already have 10 year tenants in place I'd be in the property ASAP to make those repairs and ask if they need anything. It would look really nice on your part and help secure them for a few more years. Those tenants are invaluable. 24 hr notice of course :-)