Updated over 5 years ago on .
SFR investment property
Investment Info:
Single-family residence buy & hold investment in Blue Mound.
Purchase price: $183,500
Cash invested: $45,800
3+2 moderate sized $1550 rent
What made you interested in investing in this type of deal?
Wanted my first deal to be straightforward just to get started and learn everything I could by experience
How did you find this deal and how did you negotiate it?
Offered less than listing and resulted in a counteroffer that I accepted
How did you finance this deal?
Conventional loan with 25% down
How did you add value to the deal?
Minor renovations including laminate flooring
What was the outcome?
Closed Dec 12, 2019 and moved a renter in Jan 11, 2020
Lessons learned? Challenges?
First of all and most of all have a contractor or handyman ready to meet you at your property ready to roll with a detailed statement of work. I made the mistake of not having a clearly defined SOW and ended up having to do a lot of the work on my own staying up for over 24 hours in order to get the jobs done before a flight back home
Along with that get the required jobs done first like lock replacements, lockboxes, fixing things that are broken before making updates that are cosmetic.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
A Keller Williams agent and his preferred lender.