First Investment Property

[Antonio J. Mendoza]

Currently in escrow with an investment property that’s in probate.  This property has been appraised as “average” for $86,300.  It was listed to for 65K.  I bid on the property and was accepted for $66,500.  Currently, I was not able to get traditional financing through my Credit Union that I ALWAYS get financing from whenever I want to get a loan.

I was able to get a personal loan for $40,300 and I am currently getting the rest of the down payment together to close at the end of May or early June.  I am waiting for the probate process to be completed and to be able to finally close and get the keys.  This property has a tenant in place and I will be instantly cash flowing.

By the time I get back from the deployment, I will have this personal loan paid off. When I get back I am looking to see about getting the property appraised and opening a HELOC in order to buy more in the future.