My First Investment

[Mitch Huffman]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $283,500

I purchased this home to live in, but also to hold and rent in the future.

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

I needed a place to live, but at the same time I wanted it to be able to convert to a rental property in the future.

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

We used a fantastic agent who is now my mentor. We were in a bidding war, but we did what it took to get the deal done.

How did you finance this deal?

We used a FHA loan with 3.5% down and payed down the interest rate to get a 2.75% rate.

How did you add value to the deal?

Minor things here and there, but the point was to have it done so I can spend more time helping others find investments.

What was the outcome?

A really great place to live.

Lessons learned? Challenges?

Could have bought something much less expensive, and look into the details when buying a flip.

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

Yes.