All Forum Posts by: Kelly Johnson

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $137,000
Cash invested: $85,000

3/1.5 1960's ranch home in an urban area that had already undergone some updating prior to purchasing.

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

Had just started my journey as a real estate agent and wanted to find another property to add to my portfolio that would generate more income or have ability to appreciate faster than my other 2 properties.

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

Zillow for sale by owner. Offered a little less than list price to start with after it had been on market for a few weeks and then negotiated price down a little after it was under contract by accepting money towards purchase price in leiu of repairs.

How did you finance this deal?

About 40% down in cash plus a HELOC on my primary home.

How did you add value to the deal?

Home had already been renovated where kitchen and one bath had upgrades plus a carport had been enclosed. I have been using it as a mid-term rental and currently have military guys in renting by the room.

What was the outcome?

It has been a good cash flow property with little vacancy.

Lessons learned? Challenges?

Challenge is decorating to appeal to either gender

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

No, I was licensed at the time of purchase though

Investment Info:

Condo buy & hold investment.

Purchase price: $51,000
Cash invested: $51,000

1/1 condo that is only possible to rent long term. One story, unit is on the end in a 4 unit complex.

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

Already owned one property very similar in same complex plus it is a low entry point with high popularity to rent.

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

Word of mouth from a friend who knew I already owned one unit. This was an older lady who had kept it as an option for where family could stay when they visited. She was getting older and no children and wanted to liquidate it.

How did you finance this deal?

cash

How did you add value to the deal?

Updated all the flooring, bathroom and parts of the kitchen.

What was the outcome?

Has been rented to same tenant since the remodel in 2020.

Lessons learned? Challenges?

Challenge is getting the condo HOA to take care of some water drainage on the exterior that end up affecting this unit in heavy downpours.

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

No

Investment Info:

Condo buy & hold investment.

Purchase price: $82,000
Cash invested: $82,000

2/2 condo in a travel destination but not possible to rent this out on short term basis.

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

This was my first property turned rental after my mother moved out of it and I needed to decide what to do with it.

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

word of mouth from another owner occupant in the community. Paid offer price b/c units do not come available often.

How did you finance this deal?

cash

How did you add value to the deal?

Unit was already remodeled when I purchased it.

Lessons learned? Challenges?

Fairly straight forward deal that hasn't had any challenges in keeping it rented.

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

no agents involved