First Property (Househack)

[Vinnie Romero]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $107,000

This was my first home, and I purchased with the VA loan. $0 down, was able to get seller to pay all closing costs. At the end of closing, I received about $1300 dollars.
3BD/2BA, I rented out the extra rooms to pay the mortgage.

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

I felt that i've been listening to Bigger Pockets for so long with no action. I was focused on trying to get into multi-family units but was having no success. I decided to shift focus to Single-family, so I could get momentum going.
What interested me the most about this house was, I felt it was listed under market value. I was right, it appraised 15K over their asking price.

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

Zillow was how I found the house. Negotiating to get what I wanted, came from finding a realtor that I felt I could work well with. She wasn't afraid to negotiate, and kept at it until she got the Yes, I was looking for.

How did you finance this deal?

VA Loan

How did you add value to the deal?

I remodeled the kitchen, painted, and installed new flooring throughout the house myself. Also had a contractor installs for new HVAC, and roof.

What was the outcome?

Added roughly 80k in equity (with this current bubble)

Lessons learned? Challenges?

Finish each room/project, before starting a new one lol

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

Veterans United