My first property investment

[Justin Sacco]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $330,000
Cash invested: $70,000

The house was listed for 340k. We toured the house and the relator told us no one has placed an offer yet. We offered 330k, 11k cash back at closing to comp for a poor sewer, attic insulation and new water heater. That was the deal that we closed on.

We put ~20k into improvements and had the home reappraised for 420k. Zillow current has it estimated at 485k. Our rate is 3.875 and we estimate a rent in the area of 2650.

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

To diversify my personal portfolio to begin adding real estate. This has been the best investment I've ever made to date.

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

Found via a local realtor who I was referred to by a previous client on mine. She helped a lot with the negotiations.

How did you finance this deal?

30yr and 15% down

How did you add value to the deal?

We did a pretty large remodel. Windows, siding, bathroom kitchen and a lot of painting

What was the outcome?

The best investment I've ever made

Lessons learned? Challenges?

This one seemed too good that they wont all work out this way.

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

Yes I did. In Portland Maine. Message me for the referral. Highly recommended