My 1st Real Estate deal

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The property is in Sparks Nevada right off Vista & Baring Blvd. It's the only 5 bedroom on the court. Previous owner purchased it as a 3 bedroom 1 bath house and constructed it into a 5 bedroom 2.5 bath property. Unfortunately, (how I heard it from my realtor) he was going through a divorce and his wife wanted to sell and move on. Husband wanted 450k for it but once COVID hit they agreed to put it on the market for 395k. We offered 375k, they countered and we purchased the property at 385k.

Quick backstory; I had moved out to Nevada from Sacramento May of 2020 and lived with my cousin off Robb drive. We both work for the same HVAC company and I persuaded him on the idea of purchasing a home together back in 2018. He has lived in Nevada for 3 years and told me as soon as I transition over we can start putting the plan into place.

Now back to the property. We applied for a mortgage and qualified for 1st time home buyer program and I saved up as much as I could just to cover any costs that may arise, my cousin did so as well. The terms we prequalified for going initially into escrow were going to cover the entire downpayment and some closing costs for an interest rate of 3.5% on a 30 year mortgage. All we were going to have to come out of pocket with was 7k altogether.

A week before closing our loan officer informed us we didn't qualify for the 1st time home buyer program due to us making too much money and that we needed to come up with the downpayment plus closing costs. The next day they called back and informed us that because of the inconvenience they will cover the closings costs if we can put up the downpayment. We were able to gather the 13,475 for an FHA loan and we closed on the property mid September. Purchase price was 385k, 3.2% on a 30-year fixed rate loan. Roof and AC were less than 4 years old and inspection checked out with no major issues. Only thing we needed was new carpet and interior paint. Our plan is to renovate kitchen and backyard to bring it to a more modern look.

It was a whirlwind of emotion but I remember telling myself to continue on until I'm told outright that we could NOT purchase the property. I've been listening to bigger pockets podcast, the real estate guys podcast and get rich education since 2016 just soaking up as much knowledge as possible. Now I'm in a position to take action and throw my hat into the game.

Thank you all for reading and if there's anything I can do to assist in your endeavors I would love to help in anyway possible. I'd be interested in joint ventures in Reno, NV area all the way to Sacramento, CA.