Primary Residence Purchase!

[Cassidy Burns]

Investment Info:

Other buy & hold investment.

Purchase price: $425,000
Cash invested: $21,250

Purchased as Primary Residence. Renting out for the first 6 months, then will move into it next summer. Taking the first month to do bathroom renovations to add value.

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

Low interest rates, cash to deploy, good location, will potentially live in this unit in 6-12 months

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

On Market

How did you finance this deal?

Conventional 5% down loan

How did you add value to the deal?

Bathroom renovation to increase value

What was the outcome?

Purchase price $410,000, comps support $460,000.

Lessons learned? Challenges?

Getting a primary residence loan is no fun. Have all of your ducks in a row beforehand.

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

I brokered this deal myself, I am a Washington DC realtor.

[Cassidy Burns]

Hey @Jason Piccolo, 

This is more of a "ask for forgiveness not permission" type situation, and to be honest for sake of safety i'll probably edit that info out of the post for the time being! 

But really it comes down to me solidifying my current living situation first and then moving into it.  I have a lease with my 2 current roommates in my current primary residence until this time and don't want to put them in a bad situation either.  So i'm going to finish my time here with them, once that is done i'll move into the above property for 1-2 years, and then hopefully purchase another using a primary residence loan again.  

It comes down to each individuals comfort level .  

Good luck!