Any advice on how to procede first deal?

[Felipe Rodriguez Egana]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $585,000
Cash invested: $125,000

Bought a 10k sqf lot in a nice neighborhood with a 600sqf cottage built. En route to build new main house and refinance. Looking for options to fund the construction.

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

First off was buying our first house! ( i got the best partner ever, my future wife) and then we started to realized we could make money out of it. And now we are full learning on diferent strategies to increase our assets! We still green but we very committed and both know we want to live off real state!

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

Online on the MLS, we made an offer that was rejected so we went in escrow on a different property, while in escrow we recieve a phone call asking if we where still interested and we came back with same offer but a very strong 1 month closing with us performing our own home inspection.

How did you finance this deal?

Convencional loan for now.
We looking into refinancing on a construction loan.

How did you add value to the deal?

Paying less money then value of property.

What was the outcome?

Still working if build rent and refinance to get another property or build and sell and go on on another deal!

Lessons learned? Challenges?

To many but most still to come.

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

Yes Leslie Mcenzy best realtor in maui!