Minot Rental College Home

[Austin Hoover]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $48,500
Cash invested: $7,000

College rental home.

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

This was my first deal, I got a deal I could not say no to. The seller gave me a really great offer.

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

By mistake. I ran into the owner at his duplex he was selling. I was with a realtor who left me to go refinance his rental home. I went to this college home with the owner and talked to him for a good while. I talked to him not about real estate for about an hour then he offered me a really good deal because he liked me.

How did you finance this deal?

A credit union. 25% down.

How did you add value to the deal?

I did not add any value. I had know idea about investing in real estate at the time.

What was the outcome?

I still own it and its about tripled in value.

Lessons learned? Challenges?

I had no idea want I was doing, but I learned how to make things work. I got help from friends and family that helped me with the property.

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

Myself. I just want find all the bunnies that's all sales is.