Education, Life Lesson, and a big Oof.
Investment Info:
Single-family residence other investment in Knoxville.
Purchase price: $130,000
Cash invested: $10,000
Bought a flip to live in, once I bought it, I knew; if someone is willing to spend this much on a home, I should be in the business. Most expensive education I have, and I went to college!
What made you interested in investing in this type of deal?
Needed a place to live, that wasn't paying someone else's rent.
How did you find this deal and how did you negotiate it?
With an agent, where I had to beat 3 other offers on the house.
How did you finance this deal?
Conventional
How did you add value to the deal?
Furnished and polished the floors where the flippers didn't. (I didn't add much value!)
What was the outcome?
Crippling 30-year mortgage.
Lessons learned? Challenges?
Wow! Me: "who would pay this?" Her: "but I want it."
Me: "asking plus 4K and seller pays closing costs." DEAL.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes! Just ask me and I can put you to a connection with lenders, agents, and college students that need a roof over their head.