First Investment Property

[Lester Warby]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $139,900
Cash invested: $4,200
Sale price: $210,000

4 bedroom, 2 bath, 4 bd, 1,736 sqft single family

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

Good Price and the timing was perfect.

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

We found this through Nova Loans, it was Bank owned so we offered the appraised value less the "repairs" we needed to make.

How did you finance this deal?

Conventional 30 Year

How did you add value to the deal?

We remodeled the home, Installed tile throughout, put in the entry way medallion.

What was the outcome?

Nice rental income and nice profit when we sold it.

Lessons learned? Challenges?

Never, ever use the primary Real Estate company in Yuma. Cannot not even provide the most basic of accounting statements. Their service is awful, and the staff they hire are dishonest. The cleaning people stole a 12 extension ladder, the fan and garage door buttons and much more. They could never produce receipts for work performed, etc.

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

Nova Loans was great! Deigo Torres, is an awesome Real Estate Agent. I highly recommend him and I will use his services again! Stay away from ERA Matt Fisher