Single Family - Erie Pa - Sean Maloney

[Sean Maloney]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $15,000
Cash invested: $3,000

Single family home bought from an estate. A family friends grand parents house. Creative financing deal. Hadn't bought a new property in 5 years and this just popped up.

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

It was available. I also had a family in one of my other properties looking to have a single family place.

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

By letting people know I'm always in the market to buy properties. A family friend said her grandmas house was going to be sold. It was to settle an estate and we agreed for $15,000. $3,000 down and $1000 per month for 12 months.

How did you finance this deal?

Self funded, also from rents coming in and my parents as money investors to cover any thing extra if needed.

How did you add value to the deal?

Some basic remolding and putting in a long term tenant

What was the outcome?

Still own it. That family now is waiting for me to find them another place and I'll either lease option this place or keep renting it.

Lessons learned? Challenges?

Not the best area but good cash flow and was able to afford to do the deal with out any lenders getting involved.

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

No