369 C Circuit Lane | First Deal!!

[Raymond Stith]

Investment Info:

Single-family residence buy & hold investment in Newport News.

Purchase price: $56,350
Cash invested: $21,950

This is a buy and hold that we are currently working on. More to follow.

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

I want to build long term wealth. Listening to the bigger pockets podcast has gotten my business partner and I in the right mindset and after 7 months of searching for deals almost daily, we finally found one that fit our budget.

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

I found this deal through a wholesaler. The asking price was $65,000 and we negotiated it down to $54,000.

How did you finance this deal?

We paid for everything cash through personal loans.

How did you add value to the deal?

After an inspection we replaced the roof, downstairs flooring, upgraded electrical and plumbing, painted kitchen cabinets, glazed kitchen counter and bathroom shower tile, cleaned the remaining carpet, and painted the entire house. We also added appliances, new sink fixtures, and new lighting fixtures.

What was the outcome?

More to follow.

Lessons learned? Challenges?

This was deal number one so there are tons of lessons.