**FIRST PROPERTY PURCHASE**

[Kristen Shook]

Investment Info:

Single-family residence buy & hold investment in Topeka.

Purchase price: $69,000
Cash invested: $5,750

First Purchase!
Asking Price: $72,500
Purchase Price: $69,500
Appraisal: $75,00

What made you interested in investing in this type of deal?

My interest began when I found BiggerPockets and began listening to their podcasts daily. As I continued to learn, I set my goal of a first purchase being a Single Family Home with 3 bedrooms and room to build additions. Another criteria I had set was that it was within walking distance of the local University. I wanted to find a deal that was feasible for my budget and have potential for sweat equity. I saw this property and submitted an offer on it within 24 hours of it being on the market.

How did you find this deal and how did you negotiate it?

I found this deal by watching Zillow on a daily basis and having notifications sent to my phone. I immediately sent the property to my agent and he got me in to view within a couple days. As the market was just beginning to heat up and since the property was within walking distance of the University, I knew I had to act fast. I submitted an offer the same day I viewed the property. We negotiated the price down after inspections.

How did you finance this deal?

I financed this deal with a 30 year conventional loan with a 5% down payment and a 3% fixed interest rate.

How did you add value to the deal?

I have not yet added value to this deal, I plan to add another room or two and full or half bath. This will give me a 4 bedroom 1.5 or 2 bath.

What was the outcome?

My outcome was the ability to move out of a home that was not a good environment while also being able to provide safe housing for my mother and siblings.

Lessons learned? Challenges?

Lesson learned was to act fast when you have a good deal/opportunity. Trust your gut.
Challenges would be learning how to address items needing fixed prior to living/renting and finding contractors/companies.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

The agent that assisted me was Theo Coney. He is an investor himself and has a great background. The lender I went through was Cassie Stephenson with Flat Branch Home Loans. These two were a big help in the process and I would highly recommend the two.