Updated over 6 years ago on . Most recent reply
My first Investment Property!
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $70,956
Sale price: $73,150
7704 Kipling St APT B
Pensacola, FL 32514
2 beds 2 baths 1,116 sqft
How did you find this deal and how did you negotiate it?
I was using Zillow when this house went on the market. At the time it was a great deal because other homes similar to it were selling around 80-90k. The seller was moving into a new home to fit their growing family and they needed to sell the property asap!
How did you finance this deal?
Conventional Loan
How did you add value to the deal?
Originally they were trying to sell the home for 75k but with the roof needing repair we negotiated a lower price. I threw down 2k to help seller get new roof. At the end I was able to get the house for what I wanted it for with a brand new roof.
What was the outcome?
It's a 2Br/1.5Ba townhome. I'm living in one bedroom while the second bedroom is being rented out. They pay for the mortgage and I'm paying for utilities . It's not the best outcome however much better than paying 1200$ in rent and utilities.
Lessons learned? Challenges?
This was my first mortgage and my real estate agent made everything easy to move to follow. My challenge was understanding HOW everything works and terminology threw me off.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Thomas Leemon