Primary Residence/First Time Homebuyer

[David Greig]

Investment Info:

Single-family residence other investment.

Purchase price: $110,000
Cash invested: $45,000

Recently purchased my first house to use as a primary residence, currently I am renovating the kitchen and adding a full bathroom to the first floor. Also doing all new plumbing and electric service/panel upgrade to 200amps.

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

I wanted a house for myself to live in and I had been living with parents for two years to save money.

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

I found this deal from my friends parents who live directly across the street. The asking price was 125,000 and after I did a walkthrough with my agent I offered 100,000 because the house needed some serious work done. They counter offered at 110,000 and I accepted the contract.

How did you finance this deal?

I financed this deal on a 30yr conventional loan and I put 11,000 down with a 6.625% interest rate. My loan was for 99,000.

How did you add value to the deal?

I am currently still adding value to the deal by renovating the home as I mentioned in the description. I have added new electric service, all new plumbing, an additional bathroom, remodeled Kitchen all the way down to the studs, new carpet on the second floor, and new LVP on the first floor. There still is a lot left to do, but I believe I am adding a ton of value for the future.