"Foot in the Door" Property!

[Dalton Ward]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $50,000

This is my "Foot in the door" property. I would like to hold on to it for at least long enough to get it refinanced and do a cash-out for the down payment on another property.

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

I have been wanting to get into real estate for a while and I finally came across this deal and saw it as my way in the door.

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

My mom actually owns a property management company and found this property and then suggested it to me. She had bought the property amount a month earlier for $50,000 so I didn't negotiate the price at all because this was basically a gift that I would have a seller that wasn't going to give me any problems.

How did you finance this deal?

I financed the deal with a private investor who gave me the entire $50,000 with a deed of trust for a 20 year amortized loan at 5% interest with a 5 year balloon payment.

How did you add value to the deal?

My background in construction adds value because I've already done some work to the home myself that's only taken a few hours of my time.