Third real estate purchase

[Greg Bates]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $465,000
Cash invested: $30,000

Current residence (fake address). Amazing home, meticulously maintained by previous owner who built the home. Way more than we wanted to pay at the time but in hindsight, a great investment

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

Found on Realtor.com, viewed it ASAP. Put in offer same day for $5k over asking.

How did you finance this deal?

VA loan, 3.26% 30-yr fixed. Refinanced 2 years later at 2.235%

How did you add value to the deal?

Used profit from sale of previous home to add 1BR apartment over garage. Remodeled master bath. Added mini-split A/C

What was the outcome?

Currently living here. Tenant pays more than half of mortgage. Location is great, home is amazing. Tons of equity.

Lessons learned? Challenges?

Sometimes, paying more than you want is worth it

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

Kell and Company

[Matthew McKee]

Quote from @Joehn B.:

Nice, I like adding value through ADU's.  So you assumed the VA loan?  are those assumable by military only?

VA loans can be assumed by anyone