First investment property

[Melissa Nolan]

Investment Info:

Single-family residence buy & hold investment in Baltimore.

Purchase price: $60
Cash invested: $7

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

It was rented out when I purchased the property.

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

Worked with a real estate agent; not much negotiating because it was a sellers market at the time

How did you finance this deal?

Traditional lender

How did you add value to the deal?

Renovated the property, painted, new carpet, appliances, added a washer and dryer

What was the outcome?

New renter

Lessons learned? Challenges?

Never buy at asking price get quotes for repairs before purchasing