My First Investment Of Many (I Hope)

[Chris Long]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $47,900

My first investment. 2/1 SFR. In the process of purchasing from wholesale and some trouble matching up a loan due to the low cost and the wholesale status.

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

I'm hoping to build up my passive income and be able to leave my job one day. There is a renter already in place at this property so it will be cash flow positive from day 1.

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

I worked with Liana Rodriguez who sent this property to my email. I visited the area and looked at a bunch of houses. I decided to purchase this one as the cost was low and hopefully will minimize the seriousness of my potential first timer mistakes.

How did you finance this deal?

I'm still working that out. I am approved for a hard money loan of $30k with 12% and 3 points. I'm considering paying cash and then financing a few months down the road.

Lessons learned? Challenges?

Loans under 50k are challenging. I didn't know what wholesale houses were before.

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

Liana Rodriguez has been helping me. I found her on this site.