First investment to start my empire

[David Cropper]

Investment Info:

Single-family residence buy & hold investment in Fredericksburg.

Purchase price: $130,000
Cash invested: $47,000

Townhome- 26k down payment-7k Closing costs- 14k in updates/repairs

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

Starting to build wealth with long term hold rentals

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

I'm a realtor saw it on MLS-negotiationed with first deal fell through-seller was an investor so no emotions-just numbers

How did you finance this deal?

30 yr Conventional lending with 20% down

How did you add value to the deal?

Updated floors, counter tops- appliances and minor cosmetic updates

What was the outcome?

Increased appraisal from 162k to 169k with a purchase price of 130k. Rented out in 6 weeks for $1195.

Lessons learned? Challenges?

Over spent on cosmetic updates that did not increase value, put in what I would like in a home that tenant could have easily done.

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

As an agent I do the deal. Use of an agent with strong ties to the community with strong negotiations skills is key