My first home and introduction into investing

[Michael Dennis Ginevicz]

Investment Info:

Single-family residence note investment investment.

Purchase price: $237,498
Cash invested: $10,000
Sale price: $345,000

This was my first house. Bought in 2016. I had been living in the house as a rental for a few years before I bought it. Used it as an Air Bnb for a few years. Did really well as a short term rental. Sold it to buy something in Puerto Rico. Covid changed those plans.

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

I grew up with a self imposed ceiling on my opportunities. I didn't think home ownership was even in my cards. A boss, friend, and mentor taught me that this not only was a possible for me, but also helped show me the steps necessary for me to make this a reality.

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

I was lucky enough to buy this from the same person who showed me the way. He needed cash for another business and gave me first chance to purchase.

How did you finance this deal?

FHA

How did you add value to the deal?

Small improvements. Really just making it more livable for myself.

What was the outcome?

I did really well. Not only on the sale, but also using it as a short term rental.

Lessons learned? Challenges?

I looked at short term rentals and realized I could pay less than I was paying on my mortgage and live in a nicer place by using my house as a short term rental. Taking the profits left over to supplement my rent on a nice condo. This might not have been the smartest way to go, but it taught me a whole lot. Opened my eyes to new possibilities and improved my quality of life in the short term.

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

Yes, through my friend and mentor he introduced me to a few good lenders. One I have used a few times and would love to recommend is Albin Ulle currently with BOE.