Mine and my wife’s’ first family home purchase!

[Robert E Erisman IV]

Investment Info:

Single-family residence buy & hold investment in Big Sandy.

Purchase price: $241,000

4 bedroom 2.5 bath
1.07 ac lot (in town)
Shabby chic remodel was originally built in 1950.

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

Bought as a first family home near friends and family. With a 1ac lot in town and directly across the street from the schools and parks, we couldn’t pass it up!

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

Found this deal on Zillow and contacted our realtor. After she did the walk through and took us on a "virtual" tour, we loved it! Using a VA loan, as buyers, we had no money out of pocket, after the property assessment, we got this place for $28k less than the sellers asking price. So we offered the assessment price, quick closing and the seller fixes any issues that arise on the VA inspection.

How did you finance this deal?

We financed the Mortgage Solutions out of Colorado.

How did you add value to the deal?

Offered quick closing and full assessment value price.

What was the outcome?

Quick closing on the property. So quick that seller, seller agent and inspectors lied on paperwork to hide many things that would cause the loan to fall through. I.e black mold, water leaking/flooding, hazardous electrical wiring, failing roof and many other things.

Lessons learned? Challenges?

We learned that people will take advantage of you and your service benefits to make a quick dollar. We learned to ask different more direct question during a virtual tour next time. And the greatest challenge is going to be making this place livable. And then turning it into a positive cash flow investment.

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

Not that I would recommend