Buy & Hold investment

[Robert Ballacchino]

Investment Info:

Single-family residence buy & hold investment in Buffalo.

Purchase price: $68,000
Cash invested: $20,000

I bought and rehabbed a foreclosed single family home and live there.

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

I was renting and wanted a single family home at a low cost and over time use the equity to pay down other debt.

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

I worked with a realtor and had a price range I was willing to pay. The seller ended up offering me 4k in seller concessions to get to my price.

How did you finance this deal?

FHA

Lessons learned? Challenges?

Make certain all seller concessions are written in the contract and agreed upon by both parties.