First buy & hold investment

[Justin Noe]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $70,400
Cash invested: $20,000

Recently refinanced the property to get all of our initial investment out of the property.

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

Needed to start somewhere

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

I found it through a realtor on the MLS. The asking price was around $79k and we originally negotiated the price down to $74k and down to $70k after inspection revealed a few issues.

How did you finance this deal?

Traditional 20% down with a conventional loan.

How did you add value to the deal?

We painted the inside and replaced portions of the floor that were rotten.

What was the outcome?

House rented in less than a week and cash flowed right from the start. We currently still own this property and have since refi into a lower rate and pulled out all of our initial investment and no longer have money in the deal.