Purchasing Property In my Neighborhood

[Shawn L. Honer]

Investment Info:

Single-family residence buy & hold investment in Leesburg.

Purchase price: $85,000

3BR, 1BTH 1300 sqft home

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

I wanted to invest in my neighborhood.

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

I wrote a letter to the owner, advising her I wanted to purchase the property.

How did you finance this deal?

Owner finance.

How did you add value to the deal?

Bringing $4K to the table.

Lessons learned? Challenges?

This home was built in the 60's, anytime you purchase an older home, you would need to verify if the property is up to the code. I had to come up with a substantial amount of money for the upgrade of the electrical work.

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

No