Our First Home

[Joshua Johnson]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $280,000
Cash invested: $16,000

Bought this home in 2020 right as Covid was ramping up. Got locked in at 3.25% for $280,000. As of January 2022 it was appraised for $395,000. We pulled out cash through a cash out refinance and used the money to build a two car garage, owner builder. I assume we are near $450,000 based on comps in the neighborhood. This home is our primary, but definitely see it as our first deal. Happy we bought when we did, plan to hold this forever and rent this out once we decide to build.

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

The idea of renting a home is a concept I find hard to wrap my head around. Sold my sporty car to help fund this deal.

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

MLS

How did you finance this deal?

Traditional mortgage. 5% down

How did you add value to the deal?

Remodeled the house. New kitchen from the studs out. fresh paint and trim elsewhere.

What was the outcome?

Wealth of knowledge from financing the deal to remodeling and gaining equity through improving the space.