Investment Info:

Single-family residence buy & hold investment in Tacoma.

This is a single family home my brother and I initially were planning to wholesale but after we got it under contract, we decided it could make a decent rental.

What made you interested in investing in this type of deal?

Purchase price

How did you find this deal and how did you negotiate it?

Owner was selling it and negotiated price over several weeks via phone and email.

How did you finance this deal?

Initially hard money and then afterward secured long term financing with bank.

How did you add value to the deal?

Improved the landscaping, new roof and did a interior cosmetic remodel.

What was the outcome?

Working out well.

Lessons learned? Challenges?

Owner was a challenge to work with and since he wanted a quick close and we were happy with the purchase price, we opted not to scope the sewer line (despite homes of this age in the area after having lines collapse). Well about a month into owning it, the sewer line collapsed on us.