My first buy and hold

[Jake Burkons]

Investment Info:

Single-family residence buy & hold investment in East Cleveland.

Purchase price: $34,000

Contributors:
Avi Zarbavel

This property is actually located in Cleveland. However, on bigger pockets I had to put East Cleveland for some reason.

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

I wanted to obtain a rental to gain passive income. The deal also assumed the lease of a tenant who has paid consistently for the past two years. However I did edit the lease after I purchased the property, and the tenant still complied.

How did you finance this deal?

All cash

Lessons learned? Challenges?

This was my first time working with a wholesaler on a deal. It definitely took some extra negotiation because I wanted to price moved down, and I knew the Wholesaler was trying to get a bigger commission. So I ended up trying to wait the wholesaler out where he then came back to me asking me if I still wanted the property and I was able to gain more leverage and negotiate the price down to what I wanted that’s cutting his commission and closing the deal.

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

The guy who gave me my insurance on the property give me a great deal.