First Investment Property

[Joshua Camacho]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $221,000
Cash invested: $13,000

Currently house hacking on my first rental property via an FHA loan.

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

Low cash down due to FHA criterial. Purchased at discount.

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

Realtor/Mentor assisted with finding and evaluating the property.

How did you finance this deal?

FHA loan

How did you add value to the deal?

Purchase price $221,000. Appraised value at closing $238,000.

What was the outcome?

Currently residing in property for first year of mortgage.

Lessons learned? Challenges?

This property really help me understand the importance of communication on the smallest of topics. Additionally, I learned the hard way that having a surplus of cash for the downpayment/closing costs would certainly help smooth out the closing process.

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

I would certainly recommend my realtor and wi be using him again for my next purchase. Before this realtor I went through two other realtors. These people did not understand the strategy and long term goals for my purchase. Having a realtor who is currently investing in rental properties and is actively investing with the same strategies I find appealing is an absolute must.