Single-Fam 3/1 in Valparaiso, IN

[Brandon Mattingly]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $150,000
Cash invested: $39,000

This is my first real estate investment!

I caught the real estate bug 6 months prior to closing on this deal. I was blessed enough to have the funds to put into practice all I learned from BiggerPockets and other REI resources.

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

At first, I was looking to buy a Multi-Family in the area, but my buying power wouldn't let me even get a duplex. So I began looking at SFR close to the downtown of our city which has more affordable houses and could cash flow decently.

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

NMLS / Realtor.com

I think there was some sort of listing glitch when it went live. I caught the post 2 days after it said it went live and was the first to see and make an offer. Normally, things get viewed and offered on immediately in the area, so it felt odd to not have much interest. But the property checked almost all my primary boxes and I got the property at the asking price!

How did you finance this deal?

Personal money. We sold our condo in Chicago and had leftover cash after buying our primary in the area.

How did you add value to the deal?

Added a dishwasher (took WAY more work than I planned for), and spruced up some basic cosmetics. Brought it from a C property to a B property in a B Neighborhood.

Lessons learned? Challenges?

My father and I did all the rehab and it took longer than expected. I wanted to get my hands dirty on this first one so I'd be more informed to hire out rehabs in the future. I LEARNED A LOT. Especially that I'll definitely hire out this type of renovation again.

Also, I got a great tenant in the rental as of mid-Jan. I spent a lot of time finessing my tenant screening process so it can be repeatable in the future.

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

My go-to agent was Brandon Long from Boulder Bay Realty. He was a FANTASTIC partner to have around. Not only did he help me promptly view places, but has experience with rehabs himself. So he was able to help me visualize and get ballpark ideas of rehab costs, time, and local going rental rates. Use Brandon Long!