Eau Claire Investment Property

[Dan Onofrio]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $162,500
Cash invested: $7,000

Specs:
- 4 bed
- 1.5 bath
- 2 car garage

I'm house-hacking this property with three other guys I know. When the current lease ends in May, I'll be cash-flowing $100 + on this investment!

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

My brother house-hacked his first residence three years ago and has taken off from there! Ever since I saw how easy the process worked, I told myself I'd do the same!

My goal is to buy investment properties until 2032 to join the FIRE club!

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

I found this deal on the MLS.

I negotiated the price from $170,000 to $162,500 based on market stats and repairs needing to be done to the property.

How did you finance this deal?

Through a national lender with a conventional 30-year fixed rate mortgage.

How did you add value to the deal?

I'm adding value by using myself as a realtor and completing simple cosmetic repairs.

What was the outcome?

I closed and rent is being collected! I have a new group moving in on June 1st, 2022. At the point in time, I'll be cash flowing a little bit more than $100

Lessons learned? Challenges?

1) Don't be afraid to pull the trigger on your first deal!
2) Don't let people tell you that you are too young or old to buy a house. I'm 20...age doesn't matter. As long as the number check out, do it!
3) No risk, no reward. It's easier to play it safe...but relying on safety limits your opportunities in the future.
4) Always ask questions even if you think it may be a "dumb" one. I saved myself $500 + by asking a question I thought I knew the answer to.

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

Agent - Tim Nelson with Remax in Menomonie was excellent to work with!

Lender - Kristy Sloviak with Prime Lending in Eau Claire. She made my loan process so easy!

Home inspector - I would recommend John Hempel in Eau Claire. He wasn't the one who did my inspection, but after the fact, he would have made it much smoother than the inspector I ended up using.