My ideal first investment property.

[Mack Lane]

Investment Info:

Single-family residence buy & hold investment in Bainbridge.

Purchase price: $53,000
Cash invested: $6,000
Sale price: $92,000

This was my first investment property. It was an online auction that had access to the interior through a local brokerage. It was truly an ideal first purchase. Almost a true paint and carpet other than the HVAC and rear door needing replacing. Held it for a period of time and then realized I could cash out the equity and use it to buy more properties. Exited and started flipping.

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

I had a very good understanding of this area and knew it was under priced.

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

This property was on the MLS as REO auction.

How did you finance this deal?

Cash

How did you add value to the deal?

Almost a true paint and carpet, with the exception of HVAC and a new back door.

What was the outcome?

Sold for a profit and gained the experience and profit to launch me into investing.

Lessons learned? Challenges?

You truly make your money when you buy.

[Taha Tekreeti]

congrats @Mack Lane on your first investment! great numbers and I hope my first investment will be as successful as yours :) 

did you finance your property or paid cash? your answer to the finance question is that you paid in cash but in the first paragraph under "cash invested" you put $6000?

also do you mind providing more details about how the bidding process went and did you need to work with an agent to participate in the auction? and how did the inspection and closing process looked like?