1st home turned investment

[Caroline Castillo]

Investment Info:

Single-family residence buy & hold investment in Pawtucket.

Purchase price: $140,000
Cash invested: $11,000

Single Family Home, raised ranch with finished basement to include 4 bedrooms and 1.5 baths

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

I was at the right place at the right time and got this house in a foreclosure due to the couple splitting up. Home at the time was worth around $180K however, I closed at $140K.

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

I was first renting the house at a good price since it was unoccupied and my friends parents were going through a divorce. However, after some time, they needed to sell the house and sold it to me as I had already been living there and had an established relationship.

How did you finance this deal?

Only had to put 3% down

What was the outcome?

I lived in the house for 2 years before I decided I wanted to make a move to CA, but instead of selling it, I rented it out to a family who takes care of absolutely everything; landscaping, snow removal, trash, etc. Very consistent and no issues

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

Real estate agent was not helpful unfortunately, but do have some other connections in RI that I would highly recommend