First home purchase

[Roman Anderson]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $245,000

3 br 1 ba 1/4 acre ocean view lot.

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

Location and price.

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

A friend was remodeling this rental property. I asked if he would introduce me to the owners and I asked if they would sell me the house. They agreed and gave me a fair price.

How did you finance this deal?

100% VA loan. No money down.

How did you add value to the deal?

I moved in and cleared out the yard of clutter and weeds.

What was the outcome?

I have a great furnished property ready to rent.

Lessons learned? Challenges?

I should have negotiated a lower price, but I was so thrilled with the deal that I didn't even then to ask.

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

The sellers were adamant about not using an agent as they didn't want to pay a commission. I was introduced to a lender by a friend who secured my loan. The sellers paid for the documentation through a real estate attorney.