My first successful deal: single family home

[Sherwin Price]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $95,000
Cash invested: $30,000

Found a single family home with 4 bedrooms and an office in central Albuquerque for less than 95,000. Invested a total of $30,000 including down payment to rehab and turn into my first rental. Looking to refinance and obtain the initial $30,000 investment and move and accumulate more properties.

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

The area and price where a large motivator.

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

Was a VA foreclosure caught it the first day on the MLS

How did you finance this deal?

Conventional

How did you add value to the deal?

Rehab, and update

What was the outcome?

Currently renting with my first tenant

Lessons learned? Challenges?

Plan for complete rehab cost including, cot associated with older homes, permitting, and the like.

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

Yes Trung Doan of Equity NM

[Sherwin Price]

Hey thanks all, so the home ended up appraising for 145,000 my current mortgage on the property is 75,000. I am currently renting the home for $1,100 per month with a little under 500 in cash flow. I am currently doing the property management. Rehab took about 3 months although I completed the majority of the work myself (although on the next deal, i will plan for more upfront rehab funds to have some items completed by others, to decrease time, I have a day haha). It was almost a complete rehab, floors, paint, bathrooms, and kitchen. I am in the refi process and am going to pull my initial investment out roughly 35,000 out of the home to start the next deal.