Buy & Hold property - Durham, NC
Investment Info:
Townhouse buy & hold investment in Durham.
Purchase price: $69,000
Cash invested: $13,800
3 BR/1.5 Bath - 1,240 square feet
What made you interested in investing in this type of deal?
Location, cash flow, & the potential appreciation
How did you find this deal and how did you negotiate it?
Local REIA website
It was full price offer; seller agreed to repair most items on the inspection report & $ paid1,500 towards closing costs
How did you finance this deal?
Conventional loan & a 20% down-payment (loan from my 401k)
What was the outcome?
It was a great investment. The property has positive cash flow, has appreciated quite a bit, and it has had a 0% vacancy rate.
Lessons learned? Challenges?
Use a calculator like the one on Bigger Pockets to estimate monthly expenses & hire a property management company.