First Purchase - 138

[Anthony Perpepaj]

Investment Info:

Single-family residence buy & hold investment in Bogota.

Purchase price: $252,000
Cash invested: $19,800

Just closed. Will be House Hacking.

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

I had been looking for a house hack deal. I grew up across the street from the house and knew the town/street well.

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

For Sale Sign. It was subject to 3rd party approval and came down from 290k to 249k after the sellers appraisal.

How did you finance this deal?

FHA as I will be living in the home.

How did you add value to the deal?

the house was very neglected so I am currently rehabbing it. Updating the kitchen and bath. tore out much of the overgrowth and bringing the garage back to up and running.

Lessons learned? Challenges?

i used the sellers agent to buy through and i feel like they were more incentivized to make the deal go through. They split the cost of a second lien the title company found on the house and those funds were given back to me at closing.

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

Law Office of Susana Gutierrez Manna, LLC