Bank Ownered Fixer that Became First Rental

[Bonnie Drafs]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $115,000
Cash invested: $15,000
Sale price: $169,000

Fixer - then rental.

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

Inexpensive starter investment.

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

My real estate agent emailed me the listing. We negotiated a few thousand off the list price for an even better deal.

How did you finance this deal?

Private Investor

What was the outcome?

This property had improvements done for the first few months and then was rented out for 3.5 years before I put it on the market to sell.

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

I did work with a real estate agent for both buying and selling this property. Now that I'm a licensed real estate agent I handle all my real estate investments along with other people's real estate investments.