Updated almost 6 years ago on . Most recent reply
First Investment - a win and is still a success!
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $80,000
Cash invested: $26,000
Purchased single family via MLS in great shape - newer roof, newer HVAC system, well kept. Because of the time in our life we couldn't spend time on the rehab so we hired out as much as we could. But, it wasn't anything major - remodeled the kitchen and that was about it. All in all it has been a valued asset. Recently appraised at $133K and we just did a cash out refinance.
What made you interested in investing in this type of deal?
Back in 2015 the MLS had a good flow of inventory and we had been watching the area for a while.
How did you find this deal and how did you negotiate it?
MLS - minimal negotiations
How did you finance this deal?
Traditional mortgage
How did you add value to the deal?
Rehab the kitchen and did some basic updates.
What was the outcome?
The first of our investments and it continues to perform.
Lessons learned? Challenges?
Wish we would have purchased another opportunity that fell into our lap right around the corner. Since this was our first investment we got gun shy and wanted to complete one before moving on - mistake!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I was/am an agent at the time. Find a realtor that is an investor and get to know a title company.
