1st investment property - SFH in Sanford, FL

[Nhu Pham]

Investment Info:

Single-family residence buy & hold investment in Carmel.

Purchase price: $215,000
Cash invested: $155,000

First investment property that I decided to use all my cash from inheritance. Lesson learned from it to leverage other people's money instead of your own. Cash stuck in the deal for a little bit over a year. Sooo many lesson learned. We bought it with the intention to BRRRR. After cash out refinance, we still stuck with a lot of money in it. But the area is growing fast with promising high return in equity. And this property gave us an opportunity to purchase a neighbor house off market. Stay tune for more deals in the future!

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

close to home

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

I found this deal through a wholesaler.

How did you finance this deal?

using my own cash

How did you add value to the deal?

re-plumb, re-wire, update flooring, kitchen and bathrooms

What was the outcome?

I went through the whole BRRRR process with this property. Long term tenant, using DSCR loan, cash-out refinance to fund more deals

Lessons learned? Challenges?

- Leveraging people's money to invest in more deals instead of having it stuck in 1 deal.
- Contractor :)

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

We use RCN Capital for out cash-out refinance and I have heard lots of compliments from local investors and out title company about how great their rates are compared to others out there. Im very happy with RCN Capital and will use them for more deals in the future.