My first real estate investment property!

[Tiwanna Wallace-Agbenyegah]

Investment Info:

Single-family residence buy & hold investment in Park Forest.

Purchase price: $57,900
Cash invested: $52,500
Sale price: $52,500

Move-in ready 3 bdrm, 1 1/2 ba, with 1 car garage. Newly renovated in 2018.

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

It was in a nice neighborhood, move-in ready and cheap.

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

I found the deal on realty.com and my Real Estate Agent did the negotiations.

How did you finance this deal?

I offered less than what was expected and used cash, because I couldn't find a private lender that was willing to finance less than $75,000.

How did you add value to the deal?

I received one year of paid home owner's insurance, Taxes prorated at 105% and $500 towards closing cost.

What was the outcome?

It went well, plus I already have a tenant, with a Section 8 voucher, that'll be moving in within the next 30 days.

Lessons learned? Challenges?

To reach and understand the tax implication of each property, prior to buying it.

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

Yes, my agent, Jennifer Upshaw, is very good.