PROPERTY SUCCESS STORY
Gaithersburg, MD
Property: Gaithersburg, MD
Purchase Price: $155,000
Sales Price: N/A; Held as a long-term
rental
Renovation Costs: $15,000
Length of Renovation: Six weeks
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After meeting and negotiating with a personal representative
on an estate property in Gaithersburg, Maryland, Randy decided
to give the lead to ProfitablePropertyfor a Bird
Dog fee of $5,000.00. After analyzing the numbers and renovation,
Randy had concluded the property made sense to hold as a long-term
rental but was not a candidate to buy, renovate, and sell.
ProfitableProperty bought and renovated the house
using private investor funds and then refinanced with a local
bank. The property is currently rented on a two-year lease
for $1,350.00 a month. It generates a small positive cash
flow and will qualify for a 1031 tax-free exchange, which
will defer the taxes on the profit. The property was recently
appraised at $240,000.
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