Our First Investment and did it with a friend

[Michael Harman]

Investment Info:

Single-family residence buy & hold investment in Schenectady.

Purchase price: $20,000
Cash invested: $30,000

Historic Home that we have refurbished.

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

I wanted a rental that was cheap and that came with financing.

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

A friend of my partner basically gave it to us.

How did you finance this deal?

Private financing

How did you add value to the deal?

I'm not sure I did in the beginning other than having knowledge of business.

What was the outcome?

The home is now worth $140k and we are going to get a loan and do it again.

Lessons learned? Challenges?

Stick to the business plan and share information with my partner more frequently. Keep my personal finances in line so we can add more property quicker.

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

None