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Updated over 2 years ago, 04/13/2022
![Benjamin Robinson's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/2253701/1643379225-avatar-benjaminr176.jpg?twic=v1/output=image/crop=2316x2316@0x711/cover=128x128&v=2)
Another on the books!
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $72,000
Cash invested: $8,000
2nd FHA at the moment, with a HELOC as the down payment. Bought down 1.5 points, already has 5k in equity. Renovate for a year, then I will be renting for around 200-400 cash flow.
What made you interested in investing in this type of deal?
Needed a new home in my home town. Quite the time crunch, but made it work.
How did you find this deal and how did you negotiate it?
MLS. 8 offers. I put a clause in the offer to allow my bid to go up 1000 dollars at a time until everyone backed out. Cut off at 10k over.
How did you finance this deal?
HELOC for the DP and FHA at 3.5%
How did you add value to the deal?
paid 100 at closing. Went 7k over asking price
What was the outcome?
A great home for the time being and an excellent rental potential
Lessons learned? Challenges?
Find a good realtor!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Not really, they all really didn't have their stuff together. Will be shopping around for new members of my team.