Our very first family home

[Brad Schaumkell]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $475,000
Cash invested: $45,000

My own family home that we are currently rehabbing

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

We loved the idea of owning our own home

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

My wife found it on the the internet and we had a quick look, I wanted to wait until we had saved a little more of a deposit but decided it was best to get in to the market sooner rather than later.
Turns out it was the best time as the property has increased by about $200,000 in 3 ears and that is without the renovations.

How did you finance this deal?

$45000 down and bank loaned the rest.

How did you add value to the deal?

I have removed a wall and repainted a lot of the house. Still has some work to do, but all my own labour exceot the tiling.

What was the outcome?

Around 200,000 in equity

Lessons learned? Challenges?

Make sure to plan a bit more ahead when deciding to change things in the house.

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

Mostly in Australia though I do have one or two that I have encountered along the way