Single-family residence, fist time home buyer.

[Chad Dunham]

Investment Info:

Single-family residence other investment in St. Louis.

Purchase price: $177,000
Cash invested: $6,200

This is my primary residence. I bought this home as a short sale. The original listing price was $210,000. At the time I made the offer, the price had dropped to $195,000. I put in an offer of $165,000 and accepted the counter of $177,000.
Since then, I have done several upgrades such as, all new kitchen, all new siding, new roof, remodeled basement, and new cedar fence in the back yard. These upgrades were done through the HELOC from the equity have in the property.
My wife and I have 2 years left until the last child is out of school and at that time we plane to move. Still trying to learn more about all the exit strategy options and what will best fit my needs for growing as an investor.

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

Picked this location because of AAA school for kids.

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

Driving by and negotiated through REA.

How did you finance this deal?

FHA, FTHB

How did you add value to the deal?

Instant equity, and HELOC for repairs.

What was the outcome?

Th estimated value of the property is currently $250,000.

Lessons learned? Challenges?

Should have house hacked.

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

Agent, lender, title company