First buy and hold investment

[Account Closed]

Investment Info:

Single-family residence buy & hold investment in Pittsburgh.

Purchase price: $189,000
Cash invested: $25,000

Great single family house in Lawrenceville

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

Wanted to house hack my first primary residence and stop paying rent.

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

Found on Zillow/Trulia. Negotiated with the seller to about 80% of the list price. The house needed some work and had been on the market for a long time.

How did you finance this deal?

30 year mortgage, 20% down with my own cash

How did you add value to the deal?

The house had been partially fixed up but most of it hadn't been touched in a long time. I redid some of the floors and walls that were damaged and finished building out the kitchen, which was halfway redone. I also converted the attic into a third bedroom, which is where I live now.

What was the outcome?

I've had some good renters in there for a few years with only a little bit if turnover and the property value has gone up substantially since I bought it. Overall it has been a great wealth generator and well worth buying something that needed some work.