1st real investment property

[Michael Schafer]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $132,000
Cash invested: $32,000

Single family row home. Turn key and just completely updated. New kitchen, bathrooms and paint.

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

This is the second one. The first was my home for 10 years that I completely overhauled. I wanted a turn key for my 1st realy investment because I own my own business and have three kids so time is very valuable to me.

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

Zillow, Offered 17k under asking and the took the offer.

How did you finance this deal?

Private investor

How did you add value to the deal?

putting 24% down cash

What was the outcome?

smooth so far. Had one issue (garbage disposal stopped working) in 15 months

Lessons learned? Challenges?

Need to charge customers water. They thought I was paying and I thought thy where paying. Got shut off and cost me $1200,00 to pay the bill and fees to turn it back on.