First deal! Jacksonville, NC SFR

[Jim S.]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $79,900
Cash invested: $19,000

First purchase, deal found on Roofstock.com, and I took advantage of their deal of waiving their $500 fee for pro BP members. It's about the simplest SFR I could find, with minimal up front costs, section 8 tenants in place until the end of the year and it's a brick house!

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

After hearing the common theme from the podcasts of "you just have to take action," I made it my goal to jump before the end of the month. It was aggressive, but necessary to actually DO it instead of just dream about it.

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

Roofstock.com, negotiated on their website. The only downside was there's no option for creative ways to bridge offers and sale prices. I wanted to see if the seller would carry 20%, or cover closing costs but you can't do that on their website.

How did you finance this deal?

Still searching for lenders! Best I've been approved for is 6.5%, but I have a hunch there are better out there. A HM lender reached out and said he would do 5%, but I'm still vetting him.

[Rich Jordan]

@Jim S. For HMLs in particular, and especially if they've reached out to me, I'm looking for positive reviews and referrals showing that they are legitimate. I'm also extremely skeptical if they aren't interested in me and my performance/experience or the deal, but focused primarily on receiving their upfront fee. If that's the case, chances are pretty good that they're full of it and looking to rip you off.

I'm almost never as far east in NC as Jacksonville anymore, but I do pass-through the Raleigh/Durham area on 85 a few times a month - generally on either end of a weekend. Maybe I could catch you flying in or out of RDU? Would be happy to sit down if we could make it work.