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Updated about 3 years ago,

User Stats

39
Posts
22
Votes
John Garcia
22
Votes |
39
Posts

2nd Home Finally Done!

John Garcia
Posted

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $230,000
Cash invested: $50,000

A beautiful 3/2 home in an amazing location. A-class property, worked over a year to finally get a home in this area!

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

I enjoy A-class properties, the type of people who usually live in these areas will pay a little more and will usually keep the property clean. You may pay a little more for the property, but long term, I think it pays off greatly for a buy and hold type of deal.

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

I have a realtor and I have been working with wholesalers, but I have noticed a lot of the wholesale homes have been overpriced. So I decided to use my realtor to help me find a decent deal, not a home run. I noticed this home was on the market for 21 days, it was overpriced, so I told my realtor to just offer a decent price, they agreed and we had our contract. I have been waiting for a year to buy a home in this area and now prices of homes are rising again.

How did you finance this deal?

I financed it with a Conventional loan.

How did you add value to the deal?

After purchasing it, I walked into 30K of equity, plus my initial 20%, which I may refinance and buy another property with the equity I just got.

What was the outcome?

I was patient and you never know when a deal may come, so always be ready and continue to make offers!

Lessons learned? Challenges?

Continue to make offers, be patient, and do not be disappointed with rejected offers. It will eventually come with continual analyzing and making offers.

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

Yes, I worked with a real estate professional, he really was patient and helped me with tough decisions that I had to make. He was there for me and not only for the money. I would strongly recommend him. Michael Newcomb in Houston.