First investment in Tennessee

[Joshua Lee Richardson]

Investment Info:

Single-family residence buy & hold investment in Shelbyville.

Purchase price: $128,500
Cash invested: $32,000

Contributors:
Tony Crabtree

Our first deal! I really learned a lot doing this one. I hope to do take these lessons and do even better going forward.

Let me know what you think of the deal, and feel free to provide me with any constructive criticism so I can improve the process going forward. Thanks for checking out my deal!

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

Going it on the MLS.

How did you finance this deal?

Conventional mortgage with 20% down.

How did you add value to the deal?

As far as repairs we had to redo the fire place. I repainted the entire house, fixed one toilet, resurfaced and finished the deck, landscaped, and cleaned. We did the repairs ourselves and it took us around two weeks.

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

Tony Crabtree was big help too. He helped go over cash flow and repairs on every property we looked at. Tony is a realtor but he's also an investor, so he has a lot of knowledge about what landlording is all about. He also said down with us and talked about his experiences landlording and even provided us with ideas and plans on how to implement our own methods.

[Jordan Hadley]

Hey Josh this does look like an exciting deal to get started with! Did you already sell it?