1 St House With Partnership

[Davone Colbert]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $30,000
Cash invested: $5,000

Bought house with a long term tenant already there paying with section 8. She remained in the unit for another 6 months, and moved out. We just completed our renovations with a lot of surprises along the way such as water getting into the house, and pest, but her 6 months of rent helped offset the cost.

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

Completed my first deal and was excited to continue diving into real estate. In addition, a long time friend also completed his first deal, and was interested in purchasing another shortly after. It worked out that we have two different approaches/focuses to real estate which allows us to compliment each other well.

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

Found it on the MLS. I knew the area well and we had cash ready at hand to purchase.

How did you finance this deal?

Cash

What was the outcome?

Just finished the renovations and now working on getting tenants.