Buy and Hold Single Family. My first Cash Deal

[Jeffery Gibbs]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $35,000
Cash invested: $35,000

Appraised at $56,000. 2 bedroom 1 bath, B neighborhood, new windows, new siding, 5yr new roof, bought for cash, monthly expenses: insurance $55, taxes $45, vacancy $30, Maintenance $30, cap ex $40, repayment of cash (over 12 years) $240.

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

We had the cash from another property we sold, closed both the same day. Built-in Equity and existing tenant had good history and company pays his rent.

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

I mentioned that I was looking for a cash deal to some other investors and 3 days later one of them called me with this one. He had just purchased 3 and was focused on those.

How did you finance this deal?

all cash from sell of other property

How did you add value to the deal?

have not done anything to the property yet.

What was the outcome?

still renting

Lessons learned? Challenges?

Tell everyone what you are doing, be confident when you talk to people about your investing and be ready to move when an opportunity presents.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My wife is an agent. Erika Gibbs with Premier Properties She works in the Winston Salem and Elkin Markets. 8435577359. She loves investing and working with investors. Whoever you work with, make sure they invest as well!

[Jeffery Gibbs]

@Mark Linder most homes are smaller and rent for around $650 - $750. i do have a 3/2 that I rent for around $1100