First Door Deal

[Ryan Madenford]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $149,000
Cash invested: $14,000

Class C neighborhood with some gentrification. Home has no HOA.

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

I wanted to begin my investing journey, I also liked this neighborhood for the price range. I was the smaller lot in a couple blocks.

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

Through an agent with a very focused search for property's. I low balled the first offer when it first listed for $131,000 and was rejected. House sat for 2 weeks and I had my agent reach out. They said they still were not interested. 2 weeks later the agent of the property reached out to us and said the owners would come down $20,000 off the price but no more. I put an offer at that price but asked that they pay all of closing. They counter offered to pay for half closing, I accepted.

How did you finance this deal?

Conventional Loan and personal finance.

How did you add value to the deal?

I plan on fixing up the house and adding a bedroom.

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

Kelly Olson- great agent
Leon Baker Loan officer: will get a pre approval letter done fast with a locked in interest rate and will shoot you straight