First Purchase turned into Investment Property

[Steven Custer]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $149,000
Cash invested: $7,500

First purchase that was planned from the start to become retail property. 2 bed 2.5 bath townhouse next to Hospital and Lowes corporate.

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

Being my first property every buying, I wanted something safe. Location was fantastic with a bargain of a price.

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

MLS. At the time it was my Realtor.

How did you finance this deal?

FHA 5% down

How did you add value to the deal?

Lived in the property with a tenant paying $700 rent out of the $850 mortgage

What was the outcome?

Fantastic first property in my portfolio

Lessons learned? Challenges?

Picking up the first one wasn't easy. Getting to the next deal seemed even harder but doable.

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

Rich T. My good friend and mentor.