Purchase Date: 3/21
The Deal:
We purchased this property for $60,000 from an investor that was willing to sell us two properties to us on seller financing. We refinanced this property almost immediately with a package of homes. That refinance gave us all our downpayment money back and got us into long-term financing at 4.95%
How Did We Find The Property?
We had found an investor that had a portfolio of homes and that investor was looking to scale down her portfolio. We had actually bought a previous property from this investor, and we had discussed multiple properties with her in the past.
How Did We Fund The Property?
We paid a small downpayment and made monthly payments to the seller. The property came with a tenant, so we were able to be profitable almost immediately.
How Did We Fix The Property?
The property came with a tenant, so we didn’t have any upfront issues to deal with. We ended up parting ways with the tenant around a year later, and we did a small amount of repairs and a thorough cleaning, and we were able to re-rent it fairly soon. Those tenants stayed for about 3 years before moving on. At that point, we did painting, flooring, lights, light switches, outlets, covers, blinds, and some other minor upgrades. We also power-washed the property a couple of times and did some tree trimming.