First Investment Property

[Felicia Mares]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $40,000
Cash invested: $16,000

3bed/1bath single family home.

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

First time buying an investment property. It was turn key and local.

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

I worked with a local realtor. The asking price was $45k but the appraisal came back at $40k so I was able to negotiate the price down with the sellers.

How did you finance this deal?

I did a conventional loan and put down 20%.

What was the outcome?

Within 1 month I had my first tenant. It was a great relationship and he moved on because he got married and purchased his own property. I have another great tenant who pays on time each month.

Lessons learned? Challenges?

This was a very simple deal. It took minimal effort and the realtor made the process seamless.

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

Susan Hernandez from Berkshire Hathaway was super great.