My first purchase

[Delvin King]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $85,000
Cash invested: $12,000

We bought our first Rental through an Online Auction.

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

My wife and I have always talked about investing in Real Estate but have never took action. We closed our eyes lol. And purchased this deal through an Online Auction.

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

We found this deal through an online Auction. I did a walk through a few days before it was advertised through Facebook. I watched the bidding and made a bid at the last minute.

How did you finance this deal?

We purchased through a HELOC.

How did you add value to the deal?

Pulled all the carpet up. Refinished hardwood floor underneath. Added Luxury Vinyl to Kitchen and Bathroom.

What was the outcome?

Renting at $1200 per month since Dec 2023

Lessons learned? Challenges?

Lessons learned:
1) Do a more thorough tour of house before purchasing

2) Have more money saved

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

No.