My first primary home purchase

[Jasson Steffan]

Investment Info:

Single-family residence other investment.

Purchase price: $210,000
Cash invested: $15,000
Sale price: $335,000

Used FHA to purchase a primary residence in 2011 and made some personal upgrades.

Upgrades include:
- stained one of the bathroom vanities dark espresso color.
- Painted kitchen cabinets light gray (from oak color)
- Raised garden beds in the back yard
- SOD in from yard
- succulent garden lining the walkway.
- new fence around the perimeter of the property.

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

Originally a primary residence and not an investment. Long term we realized our priorities changed and wanted to relocate. We were able to sell at a great time for sellers and accepted an offer well over asking.

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

At the time of purchase in 2011, there was a lot of inventory. Negotiations were through our realtor and the realtor that flipped the home.

How did you finance this deal?

FHA. The small amount we did put down for the deposit and closing cost came from savings. For approximately two years prior to purchasing, my income went to rent and my wife income went to savings.

How did you add value to the deal?

Mostly appreciation and curb appeal. Landscape, paint, minor cosmetic changes and new fence around the property.

What was the outcome?

Great. We purchased in a buyers market and sold in a sellers market. Hard to time but everything worked out for us.

Lessons learned? Challenges?

What I learned is due diligence. Make sure you know the area you are buying in.

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

The broker that helped with the sale has been voted best in Antioch for several years. He was very informative and helped a lot. Rick Fuller