First deal closed! Super happy to start our Real estate journey!

[Sheryl Chang Mendez]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $173,500
Cash invested: $7,000

a move-in-ready three-bedroom, one-bath home situated in Central Lakeland with NO HOA. Perfect place to live or use as a rental. This home features new interior paint, new flooring, new water heater, and upgraded appliances! The large backyard is completely fenced and also includes a large storage shed. This home is just a short drive away from Lake Hollingsworth or downtown Lakeland and very close to the Polk Parkway between Tampa and Orlando giving you access to local theme parks and attractions, major metro areas, and local beaches in minutes.

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

To generate rental income

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

I found through Redfin and I negotiated the deal myself. I first put in a lower offer than the asking price and lowered from $179,000 to $175,000. After the inspection report came back, I made a lower offer due to new roof, plumbing and A/C that will need to be replaced. Purchased house for $173,500.

How did you finance this deal?

Conventional loan and our own cash for the down payment and fixing

How did you add value to the deal?

We are giving a cosmetic facelift to the house. Painting, new light fixtured, tree trimming, new washer/dryer, etc.

What was the outcome?

To be continued.

[Sheryl Chang Mendez]

@Obed Calixte - I had been searching for about 2-3 months, the market is very hot. Anytime I identified a property worth putting an offer on, I was too late. I jumped quickly on this one and contrary to the advice I received from realtors I temporarily worked with to not put in an offer below asking price, I did because you never know and it worked! The appraisal value came in at $190K, giving us immediate equity on.