25 year old got lucky and learned something along the way

[Thomas Carter]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $113,000
Cash invested: $8,000

LTR single-family home. I learned a lot from my first home purchase at 25 and have been making advancing my income and scope of projects ever since.

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

I had to move to NYC for a job and was found it smarter to rent the home out then sell it.

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

It was a short-sell that I negotiated with the bank in 2008.

How did you finance this deal?

This was a first-time home buyer FHA loan.

How did you add value to the deal?

I removed a poorly executed addition and made the home more accessible to a young family.

What was the outcome?

Over 150% growth in equity and cashout refi for another investment venture while the rent pays the mortgage.

Lessons learned? Challenges?

I learned about what makes properties pop and how to add value with low-cost additions.

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

This was 14 years ago in Greenwood, IN but Mobley was his last name. Great resource.