Single Family Home From A Coworker

[Cara Palmer]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $55,000
Cash invested: $5,000

3 bed, 2 bath, 1164 square feet. Hardwood floors throughout, newly remodeled bathroom, fenced in yard, walking distance to the park and hospital.

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

We look for single family homes with 3 bedrooms and 2 baths, they have the best rental potential in our area.

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

A coworker asked us if we wanted to buy his house, he needed to sell it quickly and he didn’t want to list it with a realtor. We went and looked at the house the next day and we made him an offer.

How did you finance this deal?

15 year mortgage.

Lessons learned? Challenges?

Being flexible with the seller and allowing him to remain in the residence after the sale helped us negotiate a better price.

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

No