My First Purchase

[Mathias Luciana]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $100,000

My first deal. I managed to get this 3 bedroom house with 1 acre for $100,000.
Purchased from someone I knew. The place was a dump and I had to clean it out.
Most of of the land was overgrown with bamboo. I was able to start renting it out after 3 months from purchase.

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

The size of the property and location.

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

Friends mother needed to move out and I offered to take the place as is.

How did you finance this deal?

I borrow from a private lender

How did you add value to the deal?

I've been making slow upgrades as the renter pays the bills

What was the outcome?

First tenant stayed 2 years. She is now leaving as I have raised the rent to 1,600

Lessons learned? Challenges?

Tenants can be a pain. Have the proper documents signed.