First deal, 9 months into covid, knocked it out the park!

[Rohan Soltau]

Investment Info:

Single-family residence other investment.

Purchase price: $165,000
Cash invested: $10,000

Live-in Brrrr. I refinanced and pulled $32,200 out now looking to re-invest it all

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

I knew I would have a lot of instant equity.

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

It was a hud property on the MLS for fha homebuyers. There was a ten-day period for non-investors to make there bid , I bid 10,000 over.

How did you finance this deal?

I used a local mortgage company.

How did you add value to the deal?

I work construction so I was able to do a some what light rehab.

What was the outcome?

I refinanced in 13 months and made a 300% cash on cash return.

Lessons learned? Challenges?

Don't try to do it all and don't be afraid to spend some money on much needed help. Also don't expect people to want to help, even family.

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

I had an agent who was a family friend.