First one at the age of 21

[Scott Cockrell]

Investment Info:

Single-family residence buy & hold investment in Leander.

Purchase price: $92,000
Cash invested: $7,000
Sale price: $155,000

As first time home buyers we had just enough money for the down payment. We found a less than 2 year old house that was for closed and move in ready. Over the course of living there we began house hacking.

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

My Dad paid for an real estate investing packet full of material. He did what he could but wasn't doing anything with it. After a few weeks he dropped off the material at my Apartment. That's all I needed...

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

My wife and I didn't have much money so we knew we had to find a foreclosed home and use the first time buyers program. We interviewed multiple agents and finely found the one. We shopped house for 6 months aggressively, we did so much leg and bidding. We came a cross 816 North Creek asking price $95k. We placed a bid at $92,500 and held our breath for 3 days just knowing we were going to be out bid. low and behold agent called and said we won!

How did you finance this deal?

Our agent had a lender who helped us with the first time buyers program.

How did you add value to the deal?

House hacking and buying foreclosed

What was the outcome?

Netted over $60k

Lessons learned? Challenges?

We wanted to hold and rent out but did have the 20% for the new house. I'll do my own research on all the loan option available before listening to one loan officer or agent.