First investment property!

[Matthew Raines Latta]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $155,000
Cash invested: $35,000

First investment property! 3 bedroom 1 bath SFR. Close to Elementary school and Hospital in Pueblo,CO.

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

I decided that in order to find passive income and retire early I needed to start investing in real estate. Thanks to bigger pockets I decided to finally act and purchase my first investment.

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

We found this home while visiting another property that we found on Zillow. We used our friend who is a realtor, the house had been on the market for about 3 months. We decided to ask 150k, they were asking 159k but recently adjusted the price from 179k. They countered at 155k. My analysis of the property had this cashflowing even at 179k. We anticipate about 5k in rehab.

How did you finance this deal?

We used a conventional loan with 20% down.

Lessons learned? Challenges?

Make sure to do a walk through before your closing if a tenant recently moved out. This houses tenant left alot of furniture and trash behind. My realtor was able to have the seller agree to pay for trash removal before closing.

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

Annette Maldonado in Pueblo,CO is a pleasure to work with. I would highly recommend her.