Long Term Primary Residence ~ 2400 SQFT on 3 Acres in New England

[Darin Tripoli]

Investment Info:

Single-family residence buy & hold investment in Chepachet RI.

Purchase price: $565,000
Cash invested: $18,000

4 beds 2.5 baths 2400 sqft on 3 acres
2 car garage
half finished basement
whole home generac generator
gunite pool & mahogany deck

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

I needed a place to live. Currently selling last residence.

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

Spent several months looking and putting in leg work. What won us our bid was our purchase price combined with 90 days to close. The sellers were currently living in the home and needed to find and close on another property. We bid according to recent comps in the area and we waived inspection. The 90 days to close was what won the sale. We didnt want to waive inspection but lose several homes previously not waiving it. We did not waive appraisal.

How did you finance this deal?

30 year conventional 3% down @7.25% - 90 days to close

How did you add value to the deal?

90 days to close was the big one. Wish we were able to put more down for many reasons. We had the lowest amount down but the longest time-frame to close.

What was the outcome?

I have a place to call home.

Lessons learned? Challenges?

Be aggressive. I would suggest putting more down than you really want to but stay within your boundaries. More down seems to be very attractive. If the house is occupied it will have less attention but be prepared to extend your time to close. I do not recommend waiving inspection but our market was a hotbed and we were losing homes left and right not waiving it. We took our time with our offer submitted it on the last day and crossed our fingers. Lastly, be prepared to lose a few first.

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

Robert Crudale with ReMax for all my RE needs!