I purchased this property as a starter home to learn about real estate and gain experience to eventually acquire larger investment properties, like apartment buildings or strip malls. Im hoping this takes me towards the right direction and although my end goal isnt to invest in single family homes im aiming to own a few to have the experience and eventually sell them.

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

It seemed to me like a good deal at a very discounted price, so I thought it would be a nice property for me to start with, so that I can learned the ins and outs of real estate investing.

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

I found it through craigslist and was able to text message the seller my offer.

How did you finance this deal?

I didn't have any money, so I was able to use a hard money loan for the acquisition cost and renovation cost. I then used an old credit card to pay off the closing costs for the home. This card had a promo of 12 interest free, so I took an opportunity of this and will later cashout refinance.

How did you add value to the deal?

I responded quick and although I didn't close quick, this was my promise in the beginning. I later learned that hard money lenders don't work as fast with new investors.

What was the outcome?

I was able to purchase the home and am currently renovating it. I will soon be looking for tenants to live in it. Although I have been looking for a financial institute that can loan me the money to refinance the home, I will diligently be looking for soon, as soon as I get a tenant in place, because in my situation is hard to get a loan, considering I am currently self employed.

Lessons learned? Challenges?

I learned a lot throughout this entire process, so its hard to list everything out, but one of the strongest lessons I learned, was to be patient and although things don't go as planned, I need to continue working to come up with a counter plan, in order to get the deal done. Giving up in the process should never be an option, so I should continue moving forward until I complete the task I started.

Additionally, one of my greatest challenges was dealing with a hard money lender.

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

I worked with an investor and a real estate agent/investor throughout this process. They were very helpful in the beginning and guided me the best they could to make the right decision. Without them, I wouldn't have had the courage and the right knowledge to pull off my first deal. They are Dave Ng and Brian Desmarais.