Updated almost 2 years ago on . Most recent reply
Insanely hot market
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $200,000
Cash invested: $20,000
Sale price: $377,000
This was the first house I ever purchased. It was a large 5 bed 2.5 bath on two stories. I rented out 3 of the bedrooms (upstairs) and lived in the basement which had 2 of the bedrooms, a master bathroom, living room, and private garage access. With the insane market in Colorado, I made a killing on this house and moved to the Gulf Coast.
What made you interested in investing in this type of deal?
I didn't know this would turn into such a deal. I just wanted to buy my first home and found this beauty. After house hacking it and having live-in renters for several years, I really got a taste of what real estate investing can offer.
How did you find this deal and how did you negotiate it?
I purchased this house from the MLS and didn't negotiate at all. I paid full price.
How did you finance this deal?
First Time Homebuyers program.
How did you add value to the deal?
Upkeep and maintenance, landscaping, garden and fencing in the backyard.
What was the outcome?
Absolutely killed it.
Lessons learned? Challenges?
Live-in renters can be challenging. SCREEN YOUR TENANTS!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
NA