First investment home

[Laura Hufford]

Investment Info:

Single-family residence buy & hold investment in Ocean View.

Purchase price: $68,000

Mortgage free now. Rent for $700 to a friend but can rent for $900.

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

We were helping our daughter buy her first home. She later decided to sell her share to us and we took a 15 year lien and paid it off in 13.5 years

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

Found it on the MLS. Picked the stinkiest, dirtiest, cheapest, home in need of repair that we could find.

How did you finance this deal?

10% down and 15 year.

Lessons learned? Challenges?

Biggest lessons - do background checks on everyone. If their scores are low, say no.
If they won’t allow background check, part friendly as quickly as possible.
If you get a good one, incentivize their staying longer. We offered $100 off of one rent payment after paying in full on time for a straight year.

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

I’m a Realtor.