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#DealDeepDive I bought this property Nov2015 at 24yo in what was considered the hood for $42k (appraised @ $60k.) Put $12k down & got a $30k mortgage from a private investor. I had purchased property before but this was my 1st purchase w/o a partner.
The $30k mortgage was a 10% interest only deal. She (private investor) made $250 every month ($9k over 3yrs) as my mortgage payment. I got a tenant paying $1,100 for rent. So after taxes/insurance made about $700 addt’l #PassiveIncome every month
After 3yrs of owning the property it was time to pay her back her $30k investment. Did a cash out refinance w/ a bank. Property appreciated to $115k in 3yrs. The bank gave me $90k cash (available equity) and I used that money to repay her and had $60k left to reinvest! ✊🏾
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