1st primary buy and hold investment.

[Ryan Rogers]

Investment Info:

Single-family residence buy & hold investment in Bonney Lake.

Purchase price: $230,000
Cash invested: $15,000

230k Purchase Price
FHA 3.5% 8,500 + Closing costs 3,000, + 3,500 in repairs, upgrades.
Currently Renting each room for 500. While living in it.

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

1st investment. Rent is high here in Seattle and wanted to buy a 1st primary residence.

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

Realtor sent me property and we worked out a price.

How did you finance this deal?

FHA 3.5 % down.

How did you add value to the deal?

Low money down. I had two people looking to rent a room. Also have repaired many things in the house to build instant equity.

What was the outcome?

Still living in current home. Would like to buy and hold in WA until I have a firm idea on how to build a team out of state.

Lessons learned? Challenges?

Asking price was 190k. I offered 40k more due to being outbid 10 previous times before. Probably paid too much initially but market is growing and is still hot.

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

Kim Harlington.

[Greg Gaudet]

Good lord, 40k above list price! Wow that is a hot market! But still, if I could buy a primary for 230k I'd jump all over it. We just spent almost 500k on our primary, and it's nothing fancy.

Congrats on getting a deal done! Now that you got the first one out of the way I would suggest trying to make sure you get your next deal below market value. It will take more work, but that's why it's profitable. Might even have to direct mail a bunch of owners to find the one that doesn't know how hot the market is.

Also sounds like you could benefit from David Greene's book, long distance real estate investing. I haven't read it bc I haven't gone OOS yet, but everyone says that's the bible when it comes to OOS investing.