Buying the Family Home

[James P. Taylor ll]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $300,000
Cash invested: $25,000

Planting the seed of interest and making it happen.

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

It was the home I grew-up in and I knew my family did not want to deal with people they didn't trust.

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

I knew my family would want to move out of Alaska soon... so I planted the seed of my interest in real estate. 1 year later we came upon an agreement.

How did you finance this deal?

5% conventional loan

How did you add value to the deal?

I made an offer on the home that allowed room for improvements.

What was the outcome?

Purchased the home 60K under appraised value and plan to rent and hold and eventually 1031 into a big land property for the whole family. They will love it and it's a way fro me to say thank you for giving me life.

Lessons learned? Challenges?

Best deals are off market..