My First Home! (The Cookie Cutter)

[Michael Dill]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $217,000

This 1,250sqft 3 bed 2 bath will hopefully be a great rental one day but for now it's my first home! Purchased on a 100% financed loan and seller-paid closing costs, I actually got a $100 check at closing. Before I moved in I painted everything and tore up the carpet/vinyl to be replaced with hardwood laminate. I did all of the labor myself and spent under $2,500 in materials. The house now sports a modern and trendy look.

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

My options were rent, own, or house hack and I would have liked to have done a house hack, but there aren't many multifamily's in my community, so I settled for the American Dream.

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

A realtor sent me an automated email of MLS homes. Looking back, I'm disappointed with my negotiation tactics, but my wife and I really wanted to live in this neighborhood and a house right down the street sold for asking price in cash the week before. So we offered above asking price then after inspection went down to asking price. I could have gotten it for less but hindsight is always 20/20.

How did you finance this deal?

100% USDA backed rural development loan

How did you add value to the deal?

Sweat equity. I painted and replaced floors.