Third Long term rental purchased in 10 months
Investment Info:
Single-family residence buy & hold investment in Chesapeake.
Purchase price: $52,100
Cash invested: $52,100
Condo forclousre, worked with wholesaler paid $48100 at auction and $4k to wholesaler for consignment fee. before rehab vale 70k put in $16750 rehab ARV 90K
Renting out for $1095.
What made you interested in investing in this type of deal?
Nice neighborhood with grounded rents
How did you find this deal and how did you negotiate it?
wholesale networking- Bank auction bidding
How did you finance this deal?
paid cash will refi in 4-5 months to take back my cash
How did you add value to the deal?
Painted- new HVAC- New Appliances- new counter tops - new floors
What was the outcome?
on the market now to rent will be long term hold
Lessons learned? Challenges?
over enhanced could have save a few grand on rehab with using less high end material
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am a Realtor