1st home purchase in SoCal at age 28!

[Patrick Shen]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $495,000
Cash invested: $100,000

1st Home purchase! Living with wife and 2 other roommates.

Total monthly cost about $500 per month for my wife and I to live in this location, with 2 roommates paying for the majority of mortgage/taxes/insurance/HOA.

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

Eventually saved up enough money to invest in Orange County, CA. Bought it by the age of 28!

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

Used an agent, and looked for a house under 500k. Did not stray from our budget.

How did you finance this deal?

Through a lender recommended by the agent

How did you add value to the deal?

Previous paint was yellow/brown... Updated everything to a lighter color. Created a gray accent wall. Made repairs on HVAC, installed Nest thermostat & doorbell, and laid out garage epoxy floors.

Lessons learned? Challenges?

This was done back in 2015, before I heard about Bigger Pockets. As my first purchase, I put down 20%... but now with the knowledge from BP, I plan to purchase my next investment property with as LITTLE of my money. And go out-of-state!