1st deal/ house

[Tucker Blaney]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $142,500
Cash invested: $15,000

Purchased house, spent 15k in rehab on my own learning the ropes. At this point House is estimated to be close to $230,000, meanwhile I have lived here and profited $250 a month from roommates for the past 3 years.

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

I have always wanted to own real estate and have tenants. This way it was way safer and more manageable.

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

Via MLS and using a realtor that knew my mother.

How did you finance this deal?

Conventional 5% down mortgage

How did you add value to the deal?

Original price was 129,999 but there was alot of interest so we offered $140,000 and heard rumor that might not be good enough so we upped to 142,500.

What was the outcome?

Great, bought the house and still there.

Lessons learned? Challenges?

Careful when buying older houses.

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

not at this time