I am excited that I made my first deal!!

[Joel Barjon]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $60,000
Cash invested: $12,000

It is 2 bedrooms and 1 bathroom detached single family home with a total living area sqf of 960. I found that deal on MLS. Right after I had toured the property, I offered $60, 000 and the agent called me and asked me to make it $70,000 and I said I can only offer $60,000. She called the next day and asked me to bump the DD from $500 to $1000, and I accepted. I wrote a new offer, and the seller signed it.

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

It is a great buy and hold that will generate $300 cash flow every month.

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

I found the deal in MLS. I did a CMA and found out the value of the property was about $90,000. The seller lives and a different state, so I believed she was motivated to sell. So, I offered $60,000 and my offer was accepted.

How did you finance this deal?

The bank with 80% LTV

How did you add value to the deal?

I have not yet but this is a plan. I will do exterior painting, upgrade the bathroom, and the kitchen.

Lessons learned? Challenges?

I could have bought the property for a little bit less than $60,000, because the seller lives in Florida, and she is over 80 years of age.

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

I am a Real Estate agent.