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Updated almost 2 years ago,
Start Somewhere but Start! My Lesson Learned!
Investment Info:
Single-family residence buy & hold investment in San Diego.
Purchase price: $7,000
Cash invested: $32,000
Pushed into retirement from an employer due to Covid and 28 years of service. Finally, focusing on real estate. Hoping to complete the home by February 2023. The estimated Cash-Flow per month is $1200. The property is a 3/1 in Jacksonville, Florida. For some reason, the investment info shows San Diego.
What made you interested in investing in this type of deal?
Wanted to get started in real estate investing on a part-time basis. I wanted a home that had good structure but needed work so I could learn how to fix/repair things. I felt this would help me know if the contractor was doing the job correctly based on what I would learn. However, time and inexperience got in the way. I wasn't sure where to start, who to trust as a contractor, and had no one to oversee the work since I traveled most of the month. Too many unknowns.
How did you find this deal and how did you negotiate it?
I joined an REI group and met a real estate agent that located the property for me.
How did you finance this deal?
I paid out of pocket.
How did you add value to the deal?
New roof, windows, floors, bath, and lighting. Painted interior. Still have exterior painting, landscaping, and patio to build.
What was the outcome?
Still working on it. But hope to have a tenant by March 2023.
Lessons learned? Challenges?
Lessons learned: 1.) Build a trusted team. I could have done this through the REI group. Hindsight is always 20/20. 2.) Obtain a financial advisor for a plan that included purchasing more properties. 3.) Start somewhere but start! 4.) The biggest lesson was the missed monthly money if the prop could have been completed years ago!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I worked with a real estate agent. Unfortunately, I purchased the property in 2014 and do not remember her name. But, if I do, I will update the post (if allowed).