My First property - Buying OOS

[Emeka Attoh]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $85,000
Cash invested: $40,041

I got this OOS as my first investment property. My repairs for this property was about 16k because I opted to change the roof thinking long term. For the time I’ve held this property I’ve had to make some repairs to it. It is currently rented out to a section 8 tenant.

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

I prefer SFH to MFH

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

I found this deal on Zillow

How did you finance this deal?

20% down conventional financing

How did you add value to the deal?

I fixed up the property to make it solid for the tenant

Lessons learned? Challenges?

I was excited to get my first property so there were some things I ignored or did not know about. Inspection reports are very important and should always be included as part of acquisition cost. It will save you money in the future.
Overall I am happy because I took action. Even though it is not the best deal, I intend to hold for a long time.