My first Investment

[Eddie Gonzalez]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $118,000
Cash invested: $1,000

I got the opportunity to get into this home and house hack it from a friend of mine that couldn't continue to pay. I added an RV in the back to get 500 rent and 1 year later I have moved to another property that I rehabbed. I refinanced this property and it appraised at 156k giving me 36k equity on this deal.

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

It was a way to get into real estate with little money down.

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

It belonged to a friend of mine. I told him I would take over payments and only had 1000 dollars to give him down.

How did you finance this deal?

Took over payments originally, then private lending until I finally refinanced through bank.

How did you add value to the deal?

Adding the RV in the back yard gives me the cash flow I needed to make it a good deal.

What was the outcome?

I still own the property and have 2 great tenants in this property

Lessons learned? Challenges?

Private lending is expensive but we have to do what we have to do if you want to get started. Start don't just think of what to do even if you don't know. I knew nothing about this and still have allot to learn but staying positive and working hard makes the difference.