Updated over 3 years ago on . Most recent reply
1st Investment Property 🙏🏼
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $441,000
Cash invested: $173,000
STR
Had some rehab, will refinance in a year and pull cash back out.
What made you interested in investing in this type of deal?
STR had higher income potential. Able to get some instant equity by fixing property up. I can refinance and use my invested money again in the next deal.
How did you find this deal and how did you negotiate it?
Local Agent
How did you finance this deal?
Non-QM
How did you add value to the deal?
New roof, New flooring, New AC, New water heater and other appliances, fixed pool, general cosmetic rehab in bathrooms and throughout house.
What was the outcome?
1 month in after finishing repairs. Come back in a year when I refinance to see what I have invested in the property and what the first year of returns looks like.
Lessons learned? Challenges?
Don't spend your entire budget on the down payment, more than likely you're going to need money for the unexpected things that come with buying a house.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Lender was investor friendly.