First investment Property

[Joseph Brown]

Investment Info:

Single-family residence buy & hold investment in Hemet.

Purchase price: $312,000
Cash invested: $10,232

951 Battersea Rd, Hemet, CA is a single family home that was built in 2019. It contains 4 bedrooms and 2 bathrooms. This home last sold for $312,000 in March 2019. The Zestimate for this house is $321,264, which has decreased by $2,221 in the last 30 days. The Rent Zestimate for this home is $2,075/mo, which has decreased by $56/mo in the last 30 days.

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

This was initially a primary residence for me and my wife. however, it is located in a C class neighborhood and we just gave birth to our first daughter and want to live in a more desirable neighborhood.

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

Working with my realtor we were able to locate this property and she was able to negotiate free solar included and the seller providing $8,500 in closing cost.

How did you finance this deal?

To finance the deal the I used a FHA loan and put down 3.5%.

How did you add value to the deal?

I am in the process of enhancing the front yard, back yard and add hardwood flooring. Also, when I refi I plan to roll the FHA loan into a conventional loan. This (along with a lower interest rate) will allow me to lower the mortgage payment because the PMI will drop off.