First house hack property

[Adrian Lammersdorf-Scioll]

Investment Info:

Single-family residence buy & hold investment.

A 3/2 in the Orlando area that I used as a house hack, and now rent to a family

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

Taking advantage of the low interest rate at the time, and got a decent deal on it

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

Found on MLS, was able to get seller credit. Was friendly with the realtor, and asked what the client wanted and she guided me. I made sure I was the last person to talk to her so I could beat the other 10 offers that were placed on it.

How did you finance this deal?

Conventional my own money

How did you add value to the deal?

Used recently sold properties in the area

What was the outcome?

Got 7.5k seller credit, and only paid 10k appraisal gap (signed an addendum saying I would pay 20k)

Lessons learned? Challenges?

This was my 30th offer that I finally one. The competition was high for anything on market, so I had to make sure I wasn't overpaying too much, and learned to always be the last one to talk to the realtor, and give what the seller wants to make sure you win the deal.

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

I'm an agent, and this was my first deal. I had advice from other friends that were realtors, and my mom as well that is also a realtor. My lender at the time was good at being available to help present a strong offer.