foreclosure with a pool

[Todd Springman]

Investment Info:

Single-family residence buy & hold investment in Spokane.

Purchase price: $65,000
Cash invested: $16,000

single family house, with a inground pool, first investment. Learned allot about having a rental and dealing with tenants.

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

I was a good deal on a brick house, I wanted to get into real estate investing on the cheap

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

mls foreclosure, always a experience dealing with the fannie/freddie

How did you finance this deal?

conventional

How did you add value to the deal?

cleanup, paint, carpet

What was the outcome?

I've had the same renters, they get a good deal on rent and I get a well kept up house

Lessons learned? Challenges?

Learned allot about hobby vs a business, its been such a good learning experience, I would probably never buy a property with a pool again unless its in a apartment complex already. I'd also be very leary of renting to family or friends.