Our First Single Family Home

[Michael Moore]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $236,000
Cash invested: $16,000

Spacious 3 bedroom, 1 bathroom, single family home. Located in a nice neighborhood in Centrailia, Wa. Quiet street, with nice neighbors. Recent updates inside and out. Beautiful hardwood floors through most of the upstairs. Cold cellar below the attached Garage. Basement has one finished room (Office),and one unfinished space (Currently used to play drums).

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

This home was not initially for an investment. We moved in with our family as way to stop paying rent to someone else. We started looking into investing after we purchased this home.

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

We found it on Redfin.com and sent it to our Broker. He helped us negotiate the price with the seller.

How did you finance this deal?

We used an FHA loan, with a 3% downpayment.

How did you add value to the deal?

We fixed the unusable leaking cold storage. There is no more leak. We also updated the paint and floor. As well as added custom made storage tables.

We are currently making more updates to the landscape and home.

What was the outcome?

To be determined.

Lessons learned? Challenges?

Still experiencing the lessons.

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

We got our loan through Steph Thompson, at Academy Mortgage.
Our broker was Drew Staudt, with Windermere Real Estate.