33 Spruce St - Malone, NY. SFH, Cash out refi

[Richard Patrie]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $37,000
Cash invested: $11,685

2 bedroom, 1 bath

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

There are very few SFHs for rent.

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

Found on MLS. Ran the numbers and worked with my agent (who is also my property manager)

How did you finance this deal?

HELOC on personal residence, then cash out refi.

How did you add value to the deal?

Updated electrical service form 60 amp.

What was the outcome?

Currently rented to long term tenant. Cash on cash ROI of 11.5%. The plan is to sell the property on a land contract.

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

Yes. My agent also manages all my rentals.