SFH with $73,000 Equity - Now onto MFH

[Joshuam R.]

Investment Info:

Single-family residence buy & hold investment in Orlando.

Purchase price: $135,000
Cash invested: $5,752

$235,000 Market Value
$208,000 Appraised Value
$135,000 Purchased Price
$0 Down Payment 30yr fixed Conventional
$5,752 Escrow/Survey/Pest&Home Insp./Appraisal/Cash to Close
$0 Repairs

$73,000 Equity (compared to appraised value)
$100,000 Equity (compared to market value)

No agents involved in the transaction.
Contract from excuted signed to closing 30 days

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

This purchase was the result of developing a great Landlord/Tenant relationship
This was not ever an option lease.
It is now our primary home at our long time established community since 2014

We are skipping the moving boxes shenanigans for now, yazz!

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

Be crazy enough to always share your dreams and ideas with people.
I am enjoying for the past 2.5 years the results of self development and Grant Cardone's teachings, knowledge of Bigger Pockets, Eating up all the books recommended by guest.

How did you finance this deal?

Zero Down 30 year fixed

What was the outcome?

Seller gets to enjoy their retirement.
We get to continue our daily routine as usual, no moving, no nothing.

Next is to utilize the equity as a down payment for the next MFH property, hopefully merge another equity partner together to expand the opportunity for my next deal.

Lessons learned? Challenges?

I had up to $13,000 saved up at the beginning of the year, after a few tries through out previous year in making an offer, I tilted the balance and decided to take that money and invest in "Great Memories" with family and friends, and oh boy we did like rockstar's!

I wish I can say I regret spending that savings, but I honestly don't, it was the right time to enjoy our self's. But If I knew they were going to so quickly change their minds, maybe I would of done a little less fun ;-) YOLO!

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

No agents involved.