My First Real Estate Deal

[Nick Seginowich]

Investment Info:

Single-family residence buy & hold investment in San Angelo.

Purchase price: $131,500
Cash invested: $37,500

I Used my dad's HELOC for this purchase so we are getting great cashflow because of the low interest only payments! The cashflow pays for my rent until I want to add a fourth bed, rent to students by the bed, increase the rent and have enough income to be able to refinance, pay my dad back and still make a couple hundred a month.

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

Great way to get started because it is very simple and gives me credibility, while paying for my rent.

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

Found this on the MLS, I believe I was the fist offer, and we settled at $131,500 from their original $140,000 asking after negotiating down an extra $3500 post inspection.

How did you finance this deal?

Early inheritance money from my Grandad and my dad's Line of Credit.

How did you add value to the deal?

General repairs plus paint.

What was the outcome?

Renting a a hopefully great tenant.

Lessons learned? Challenges?

I learned that buying a house is really not that complicated and i'm ready to take on more deals. Also, every problem that arises has an solution, I just have to find the right person.

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

Yes, Mimi Clark is a great realtor in San Angelo.