This was my first real estate deal

[Jonathan Tucker]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $305,500
Sale price: $457,000

This was my first real estate deal. I brought this property right before the pandemic with a VA loan. Right time, right place? Maybe...but I'm hooked!

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

I wanted to finally take action and jump into the game. I figured house hacking carried the least amount of risk while I got my feet wet. I house hacked this property for about 14 months before turning it into a long term rental.

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

I found this deal on the Zillow. I sent it over to my agent and the rest is history. I was able to get the deal below asking due to the appraisal coming in lower.

How did you finance this deal?

I used a VA loan, which allow me to purchase the property with zero down.

How did you add value to the deal?

I added a new hot water heater, updated bathroom faucets, replaced a few broken tiles, repaired the sprinkler system, and repaired the fireplace.

What was the outcome?

I was able to hit my goal of 120k, after expenses.

Lessons learned? Challenges?

I've learned that it is impossible to time the market. Just run the numbers. If the numbers work for me, I know it's a good deal. I also learned the importance of having cash reserves. No matter how good you inspect a property, things WILL go happen. Problems will come up. Cash can fix most problems.

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

Yes! I've worked with my agent on three deals now.

Darren Kuhn DRE #02111792

Keller Williams Luxury Homes 760-459-4556