My First deal from flop to favorite

[Jared Parsley]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $100,000
Cash invested: $10,000

Single Family, 3 bed, 2 bath, Ranch

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

Home Purchase that was turned into a rental in 2013 due to value being so low I could not sell with out taking a huge lose. Today it is my best ROI investment.

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

My wife purchased this house as her first home in 2007 right before the housing crash. It was listed for 110000 and she purchased it for 100000.

How did you finance this deal?

FHA loan

How did you add value to the deal?

Paint and Carpet

What was the outcome?

The value since we turned it into a rental went from $60k to $250k. The rent started at $825 in 2013 and is now $1400. We have already notified the tenant that the rent will be going up in March to $1700.

Lessons learned? Challenges?

Often you can overcome a bad deal with time and patience.

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

I worked with a great real-estate agent to buy our next home who recommended we turn this house into a rental. She helped us buy another house that we lived in for a few years and then turned it into a rental as well. Unfortunately She is retired now. My wife is now my realestate agent for investment properties purchased in GA:)