Morning side first buy and hold.

[Christopher Orr]

Investment Info:

Single-family residence buy & hold investment in Canon City.

Purchase price: $146,000
Cash invested: $146,000

In the process of fixing the house up to get someone to move into and lord willing not have any repairs for a little bit.

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

I flipped a property last year and now im having to pay the taxes on the capital gains and the self employment. I know there is a way to pay less taxes to im buy and hold now.

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

Me and my wife went to a estate sale. The house wasnt listed yet but it was going to be and they where handing out card for the realitor. so i got with my realitor and took a tour, and figured in this market it will go for above asking. I sat down and did a scope of work budget thanks to how to flip book from josh dorkin. and offer my full price where if i flipped it id still make 30k.

How did you finance this deal?

I payed cash. I put in 106k and my investor put in 40k.

How did you add value to the deal?

Im going to put some sweat equety into it. cleaning up the front and back yard. updating the inside and adding a shower to the master bath.

What was the outcome?

we will see how much i go over budget and over time.

Lessons learned? Challenges?

well so far i have learned that attention is needed to all things. I budgeted to replace window not even looking at the windows just assuming they needed replaced. but they are double pane. so you have to pay attention to a-lot of little things check lists and education are key. reading how to flip property and how to evaluate flips i think its by josh dorkin again is a good idea. repetition builds mastery as brandon turner says.

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

Lance Tomar of frontier west reality is a knowledgeable patient man. Lots of propetys looked at and evaluated but we found one. thanks.