First Real Estate Deal

[Mercy Shupe]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $208,000
Cash invested: $10,000

First Deal of what I hope will be a life time of Real Estate Deals:
Purchased a single family home and did some minor repairs. Had the home rented as a LTR in 7 months, and now the property generates cashflow and has appreciated by 8% in the last 2 years. It was invigorating to be able to implement all of the knowledge I have gained from Bigger pockets and watch as the deal worked out and was successful.

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

I had been reading and listening to anything Real Estate related I could get my hands on. Then I found the property, ran the numbers and it looked like the properties I had heard other investors talking about.

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

Found this deal on the MLS. There was some competition in getting the house under contract, so there was no room to negotiate aggressively.

How did you finance this deal?

With a 30-yr fixed mortgage.

How did you add value to the deal?

I replaced the room and turned an enclosed porch into another bedroom.

What was the outcome?

Property is currently rented, cash flowing, and appreciating in value.

Lessons learned? Challenges?

Do a final walk through... ALWAYS.

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

Yes, Caleb Smith with Seahorse Realty in Fort Walton Beach. Wonderful Agent, efficient and trustworthy.