First real estate property

[Lorenzo Pabon]

Investment Info:

Single-family residence buy & hold investment in Augusta.

Purchase price: $79,900
Cash invested: $5,000

Ranch style home, centrally located

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

I was interested in these house due to the renovations. I bought this house for my mother and siblings while I am in New York. I did not have time to really wait and rehab so I got a turn key home. So I was just happy everything was redone and new like the roof. They did the roof a few days before closing

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

I found this deal through my realtor who is great, Katie King. After finding the house I did my own research about the neighborhood, school district and growth. I only negotiated with repairs like replacing wood in the crawl space and termite traps.

How did you finance this deal?

I did a FHA Loan since I was a first time buyer, I only had to put down 3.5%.

What was the outcome?

My mother and siblings are still living in the house, a place to call a home

Lessons learned? Challenges?

Not much of a challenge but I had to put my self to the side and think about my family first. I was planning on getting a house to rent and use the BRRRR strategy so start my real passion in real estate. I learned a lot with the process and how it works, nice first experience.