Updated almost 4 years ago on . Most recent reply
Townhouse in Birmingham, Slight rehab, Buy and Hold
Investment Info:
Townhouse buy & hold investment in Birmingham.
Purchase price: $215,000
Cash invested: $20,000
Simple Cosmetic flip on a townhouse in a great area. Is buy and hold, recently rented for $1,900/mo. Thought I could've gotten a bit more but needed the property rented. 1 thing to note that I learned is we shouldn't have cut costs on tub replacement, Should've just bit the bullet.
What made you interested in investing in this type of deal?
Cheaper way to get into a really good market. Low point of a expensive market, No HOA. Young professionals area, good schools central location
How did you find this deal and how did you negotiate it?
On market, I probably paid more than I should've
How did you finance this deal?
Conventional
How did you add value to the deal?
Cosmetic fixes, Counter tops flooring and removed popcorn and painted
What was the outcome?
Highest rent in the neighborhood
Lessons learned? Challenges?
Don't out price your competition. Try to keep work to a bare minimum like just floors and counter tops if possible.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I handled the real estate deal and we have a good relationship with a great lender when it comes to investment properties.
- Benjamin Hedden
- [email protected]
- (205) 568-2705