first Investment Property

[Phillip Christie]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $170,000
Cash invested: $34,000

SF Residence, 1954 sq ft. 3Bedroom 1 Bath. Finished basement.

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

Wanted to get into real estate, as a newbie I thought a single family would be a good start.

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

I found deal and Zillow, I negotiated a lower price with a higher earnest down payment.

How did you finance this deal?

Conventional Mortgage, 20% Down Payment

What was the outcome?

I loved the deal. I had several viewings within the first hour of listing it for rent. It's located across from a kindergarten school. Rented Within the first week. No advertising needed, parents picking up their kids from school saw my sign and came over.

Lessons learned? Challenges?

The house had an illegal Bathroom in the basement, it was removed prior to sale. The sellers capped of the pipes for the washing machine. After I purchased A new washer and ran it, it flooded the basement. I kind of was a little upset my inspector did catch it during inspection.

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

I did work with an real estate agent and a great lender. I did not however, recommend the real estate I used to others.