My First Home was My First Investment

[Marcos Torres]

Investment Info:

Single-family residence other investment.

Purchase price: $115,000
Cash invested: $7,000
Sale price: $185,000

This was my first home actually. Lived in it for 5 years and realized that it had appreciated more than I expected. So I decided to rehab it a bit and see what I could really get for it. It turned out great and this is what got me started in real estate.

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

I saw that there was equity due to appreciation

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

We purchased this home with the use of a real estate agent.

How did you finance this deal?

FHA loan through Wells Fargo in 2013.

How did you add value to the deal?

Fresh paint, new cabinet, new countertops with sink and faucet, new backsplash. Replaced the carpet and painted all the cabinets gray for a better look. Fixed some roofing and broken siding. Installed new toilets. Mostly small things.

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

I worked with Doug Fuller and Kim Roberts from Keller Williams. They gave me some insight and listed the property.