My first real estate investment after 8 months of BP podcast!

[Gorden Lopes]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $100,100
Cash invested: $6,000

This was my first deal, it is definitely not a home run but learned a ton and made a some good networking. This one helped me to find my second deal which was definitely lot easier and much better number wise.

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

Found this through MLS as the location matched my investment criteria. This was my first deal and in retrospect I realized that I did bad job at negotiation but this was definitely a great learning experience.

How did you finance this deal?

Conventional, 20% down and 80% financed.

How did you add value to the deal?

Rehabbed the kitchen by adding new counter top and flooring and repainted the house and made some minor fixes for a total rehab cost of 6k.

What was the outcome?

Luckily, this one got rented out within a week of rehab completion. And it was great to see the monthly checks coming in. This got rented for 990 per month.

Lessons learned? Challenges?

1. Always go with your own inspector. Don't take recommendation from your agent. Even though your agent is good and the inspector is good! There will always be biases that can kick in. Always find your own inspector.

2. Negotiate hard based on numbers, if the numbers don't align be ready to walk away from the deal. Remember, whoever wants it the most, looses!