Awesome Wedge Deal in Clintonville
Investment Info:
Single-family residence buy & hold investment in Columbus.
Purchase price: $232,000
Cash invested: $10,000
Bought for $232,000 (Listed at $235,000)
What made you interested in investing in this type of deal?
Great Deal
Property Appraised "AS IS" at $270,000
How did you find this deal and how did you negotiate it?
Found on MLS
Negotiated a $5,000 Check at Closing for Repairs
How did you finance this deal?
5% Down on a Conventional Loan
Will only pay PMI for 9 months due to 20% loan to value ratio
How did you add value to the deal?
$12,000 worth of repairs (+2 months of after work sweat equity) and it is now valued at $310,000
What was the outcome?
After closing costs and my agent commission, I turned $12,000 of cash into $70,000 of real estate equity. I will rent this house in the summer for $2,500.
Lessons learned? Challenges?
Spend the money on a structural engineer; it's worth every penny. A $200 consultation turned into a $5,000 check at closing!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I have a license so I have the freedom to 100% directly negotiate my own deals from start to finish.
Most Popular Reply
Thanks so much for your quick reply and suggestions. It’s reassuring knowing that. I’ve already started as you recommended and I’ve gotten a fourplex in Texas. Now I’m looking to go conventional and find deals here in Columbus Ohio since I moved back to Westerville.
Why do you recommend getting a license instead in winter and not now ?
Also are there any places you recommend getting the real estate license at ? Thanks again for your time. I’m looking to learn as much before I buy the next property. Possibly a flip or buy and hold single family to rent out in a good area.