NO MONEY DOWN IN 2007

[Rick Raanes]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $106,000
Cash invested: $5,000

I needed a place to buy after a divorce. I got a zero down loan closed with less than 1000 to purchase. I lived in the home for 6 months and then began to lease. The rental rate has increased from $1100 to $1400. I refinanced in 2009 to a 15 year note, I have only added $5000 in improvements during the time I have owned the property and now cash flow $460 per month and will have the property paid in full in 2024.

How did you finance this deal?

100% financing on an 80/20 loan.

Lessons learned? Challenges?

I wish I would have purchased more like this during the years.