Buy and Hold Investment

[Daniel Spalding]

Investment Info:

Other buy & hold investment in Folsom.

Purchase price: $128,000
Cash invested: $1,500

This was my first house/townhouse my wife and I purchased. We purchased it with conventional financing. The house was a short sale. This is were I learned there is nothing short about a short sale. We finally closed almost a year later with almost loosing it 4 - 5 times. After closing I used this as a teaching ground for me to learn how to remodel a home. After the 4 month remodel I rented out the property.

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

This was my first investment wanted to get into the market before the market went up.

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

MLS it was a short sale that lasted a year

How did you finance this deal?

FHA with 1.5% down.

How did you add value to the deal?

I remodeled the entire house myself.

What was the outcome?

Its a good rental home with little to no calls from the tenants.

Lessons learned? Challenges?

Loved this home cause it was a start to my learning and my way to enter the housing market.