First investment property

[Kevin Lindl]

Investment Info:

Single-family residence note investment investment.

Purchase price: $153,000
Cash invested: $42,000

Three bedroom two bath single story one car garage

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

Property was for sale by owner for 153,000 and we knew it had a great potential for a rental income and buying in a market where the value was increasing substantially

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

A friend found a house for sale by owner and did not want to go through the ““ hassle of dealing with for sale by owner property we jumped on her and did have some hoops and challenges with the owner but in the end it worked out well

How did you finance this deal?

We re-fied our primary home and took cash out to invest in properties

How did you add value to the deal?

Sweat equity painted the interior replaced the front door replace the garage updated the kitchen and two bathrooms

What was the outcome?

The outcome was fantastic Raible to rent for double the mortgage

Lessons learned? Challenges?

Lessons learned :
one we were our own property management and wanted to go this route to learn the ropes and the understanding of what is involved in being your own property management
Two Challenges are being first time property management it is more difficult than we realized and time consuming that’s where the difficulty came in as the amount of time and effort put into

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

Interesting subject real estate professionals finding the right ““ team “ around you is extremely important to have somebody that understands the investing mindset not just purchasing a home. The real estate agent that we used was extremely nice and kind which I expect but I also would like somebody with more of a investor mindset and that is easier said than done so finding the correct partner again is more than valuable.
We did partner and buying three great lender.