My Primary property

[Cheng (Chris) Yu]

Investment Info:

Single-family residence buy & hold investment in Duluth.

Purchase price: $198,000
Cash invested: $12,900

This is my primary property that I bought for my family. I am planning to rent it out or flip it depending on whether or not my family moves out in the future.

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

I wanted my family to all live together under one roof. At first I did not see this property as an investment until I started listening to Bigger Pocket podcast.

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

I found this property through a real estate agent. The price was originally in the 200K's, but we negotiated down couple thousand dollars to 198K.

How did you finance this deal?

I am doing a home loan. I put down 5% of out of pocket cash.

How did you add value to the deal?

I am starting to do small renovation projects to get the house in top shape to one day rent or flip when the right time comes.

What was the outcome?

I hope the outcome will help start my real estate investing journey. I love the idea of financial freedom and starting the journey with my own property seem like the obvious thing to do.

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

I am seeking to find professionals to help grow my passion and interest in becoming financially independent. I am happy to learn more on real estate investment.

[Nate Shields]

Meetups are great. Don't let the number of people there scare you. Instead, look at it as a chance to have a lot of one-on-one conversations. If it's still too much, just reach out to people on BP and meet up with them individually for coffee or a drink. 

I find that when it's a subject I'm passionate about, it's a lot less scary. Hope that helps...good luck!