We bought a house on a lake in NJ for $51,000

[Chastity Cortijo]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $51
Cash invested: $70

We purchased a house on a lake for $51,000. We have $70,000 invested via a 203k loan.
We are currently living it in. Waiting to take out the equity. And preparing to move on.

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

We initially wanted to invest in a property that we could enjoy along with short term renting it.

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

I photograph real estate & vacation rentals. I was sent on a job to the town we now live in 2016. I asked the owner quite a few questions and kept my eye on the town. This house was abandoned for over 10 years. It did not have a sign on the property. I found the house online and negotiated directly with the selling agent.

How did you finance this deal?

We financed the deal with an FHA first time home owner loan with a 203k loan.

Lessons learned? Challenges?

A lot! I would like to come back to this as I organize all my notes.