First one down! Thanks for all the help!

[Walter Lee Bandy Jr]

Investment Info:

Single-family residence buy & hold investment in Sherwood.

Purchase price: $52,000
Cash invested: $8,000

Contributors:
Rachel Fazio

This is a property I will be house hacking with roommates. I will force appreciation and attain a HELOC for my next venture.

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

I like what this property offers for me specifically. I travel for work so owning a home, with a roommate, seems like the only way to go. Buy and Hold appeals to me.

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

Rachel Fazio actually found this property through HUD and saw it's potential. She then showed me and I jumped all over it! She was even able to assist me in attaining this property from her travels. Now that's a mentor!

I won the salient auction through HUD with the help of my real estate agent Jerry Wood with McKimmey Associates Realtors. Jerry did all the footwork while I was in California for work. He really went above and beyond.

How did you finance this deal?

I went through The Carroll Group. Jasmina Jakupovic, Mortgage Loan Officer at The Carroll Mortgage Group assisted me with a conventional loan with 3% down and 3.8% interest. She was very helpful and I will do business with her again.

How did you add value to the deal?

I brought cold hard cash for the down payment from my own pockets.

Since then I have added a new roof to the dwelling and the shed. I have also had the inside drywall repaired and freshly painted. I am currently working on the electrical upgrade to three prong and replacing some damaged subflooring.

What was the outcome?

I closed with the help of Rachel, Jasmina and Jerry! Not to shabby considering it was a conventional loan with hoops to jump through. Overall it wasn't to shabby.

Lessons learned? Challenges?

With Rachels help I understand how important networking is and building actual relationships. Jerry Wood is a god send and I found him through Rachel. I also found Jasmina through Rachel.

The hard part were the contractors. Turns out I'm to nice and was taken advantage of. I now know where to keep them and how to treat them. Respectfully but firm. I've moved past it now and am ready for the next one! It is ok to say no and put your foot down. You are the boss.

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

Jerry Wood with McKimmey Associates Realtors. He was an immense help and I literally couldn't have done it without his help and expertise.

Jasmina Jakupovic, Mortgage Loan Officer at The Carroll Mortgage Group. She made the process as painless as she could.