First Investment property purchase!!

[Ronald J Parks]

Investment Info:

Single-family residence buy & hold investment in Coraopolis.

Purchase price: $130,000
Cash invested: $5,000

Rental to college students

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

It was my first deal to get started. Purchase price was not scary and it produces positive cash flow for my first investment.
Felt good to get it done.

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

Communicated with RE agent who sent me listing in the area based on my criteria.

How did you finance this deal?

FHA loan because of my low credit at the time. Used cash proceeds from the sale of my primary residence for down payment.

Lessons learned? Challenges?

i initially overreached on a purchase price coming in too low. I was able to readjust my expectation and still make it a positive cash flow deal.