819 N 6th Street Contract for
Investment Info:
Single-family residence buy & hold investment in Bismarck.
Purchase price: $85,000
Cash invested: $10,000
Picked this up on a 30 month Contract for deed. $10k down. $700/mo for 30 months. Buyout at end of CFD for $54,850.
Currently rented on a 2yr lease for $1200/mo.
What made you interested in investing in this type of deal?
We weren't interested in this deal. It just happened to be a house next to a triplex we already owned. Owner liked what we had done with triplex & asked if we were interested in purchasing his property.
How did you find this deal and how did you negotiate it?
It was a house next to a triplex we owned. Owner told us he was going to sell it. We took him out to lunch a couple of times, got to know each other and hammered out a deal.
How did you finance this deal?
Contract for deed
How did you add value to the deal?
We're installing an egress window in the basement and also going to add a bathroom downstairs. Should bring the refinance value up to around $150,000.
What was the outcome?
We are 1/2 way through the CFD. Things are looking good.
Lessons learned? Challenges?
No real problems so far.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My partner & I are both licensed RE agents.