Purchased first hold property

[Anna Brumbaugh]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $316,500
Cash invested: $75,000

Went on a listing appointment where they were not interested in going on the market, they needed the cash and fast to pay for assisted living. Came to terms and I bought it, rented it out within a week of buying.

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

It was too good to pass up. Appraisal came in at $370k. If I flipped it I could sell for $475k

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

It was a listing appointment I went on.

How did you finance this deal?

Portfolio product 5 year arm

How did you add value to the deal?

I waived my commission and helped the seller clean out the house.

What was the outcome?

Win win for everyone. The got the cash they needed, I got my first investment.

Lessons learned? Challenges?

Hiring a project manager even for something small like an appliance delivery. We did very little to the property before the tenants moved in and it took me out of my business for over a week dealing with coordinating all the vendors needing to get in.

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

Yes, Me!

[Matthew Irish-Jones]

Quote from @Anna Brumbaugh:

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $316,500
Cash invested: $75,000

Went on a listing appointment where they were not interested in going on the market, they needed the cash and fast to pay for assisted living. Came to terms and I bought it, rented it out within a week of buying.

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

It was too good to pass up. Appraisal came in at $370k. If I flipped it I could sell for $475k

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

It was a listing appointment I went on.

How did you finance this deal?

Portfolio product 5 year arm

How did you add value to the deal?

I waived my commission and helped the seller clean out the house.

What was the outcome?

Win win for everyone. The got the cash they needed, I got my first investment.

Lessons learned? Challenges?

Hiring a project manager even for something small like an appliance delivery. We did very little to the property before the tenants moved in and it took me out of my business for over a week dealing with coordinating all the vendors needing to get in.

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

Yes, Me!

 Wow sounds like a win - win indeed.  You and I share a similar philosophy when it comes to time.  I have explained to people thousands of times the amount of time leasing, maintenance, and vendor coordination takes but, it often falls on deaf ears.  The price of a professional property management company or project manager will cost you a little something but, the time and headaches you will save are priceless.