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