First Investment Property Details
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $105,000
Cash invested: $23,000
3 Bedroom, 2 Bathroom with 2 Car Garage, and 1700 sqft.
Current NOI is $1500 a month. Recently renovated. Full Kitchen and Bathroom remodel.
What made you interested in investing in this type of deal?
I wanted to begin my REI journey primarily through Buy and Hold-Single Family Residential properties that would provide steady passive income.
How did you find this deal and how did you negotiate it?
Through BiggerPockets I contacted an agent who specialized in investment properties and rental property management. After establishing a rapport, he found this specific property. It was an off market cash deal, that closed very quickly.
How did you finance this deal?
This deal was an off market, cash deal.
How did you add value to the deal?
I did a full renovation of the kitchen and both bathrooms. Added updated vinyl planking in the kitchen to match the rest of the living area. As well as painted the interior of the garage and installed a new automatic garage door.
What was the outcome?
Currently the property is fully occupied at $1500 a month. Currently holding the property and taking advantage of the passive income. However, if the opportunity arises, I would consider selling the property as a turnkey.
Lessons learned? Challenges?
I learned that by building a network of professionals and resources allows the process of REI to be much more efficient. Without my agent, and contractor working diligently this deal would not have been possible.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Jordan Sutherland
Congratulations on the property Marcus. How quickly were you able to close on the off-market deal once you began the process?
Thank you @Salvador Rodriguez! I made the offer on the 14th of June and closed at the end of the month on the 27th. Just shy of 2 weeks!
