First home purchase!

[Justin Welling]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $312,000
Cash invested: $31,200

This is our first home purchase, as a mixture of our personal home and our first investment in which I plan to gain a lot of experience for future investments. Single-family unit. 3 bed 2.5 bath 2-car garage 0.5 acre lot. Plan to do a long-term live-in flip with plans to either refi and sell/rent, or utilize heloc to fund a future deal.

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

Unique position of being newly married, newly relocated, and needing/wanting a place to live while also wanting to make an investment out of our first home purchase. We plan to live here for the next 7-10 years, if not longer, and take advantage of both natural and forced appreciation over that time. At that time, we plan to evaluate our best option: refi and sell; refi and rent; or refi and utilize a HELOC to fund another deal.

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

Connected with a local real estate agent through open houses. Negotiations occurred between buyer's and seller's agents.

How did you finance this deal?

30-year conventional, 10% down. 30K private money.

How did you add value to the deal?

To be completed...We will be face-lifting the exterior/landscaping, renovating the kitchen, renovating the basement (including adding a half bath).

What was the outcome?

TBD

Lessons learned? Challenges?

TBD

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

Absolutely. Benjamin Kramer with Compass Pittsburgh.