3rd Property closed in 6 months using my Mother's FHA Loan
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $480,000
Cash invested: $67,000
Retirement Home / Appreciation Play Home
What better way to be in love with your retirement home than to purchase a property in a location where growth is inbound? It's a WIN-WIN! She gets the house she simply want to retire in and she's now able to start her retirement source.
What made you interested in investing in this type of deal?
I was interested in investing in this type of deal because we got it an awesome location and an awesome price for an area that my mother would love to retire in. Also, this property is an appreciation play even though it will cash flow if she ends up moving out. Also, we put an offer for this house at the height of investor fear where no one else was putting offers on properties. Our FHA offer came out the strongest(can you believe it?! ME NEITHER).
How did you find this deal and how did you negotiate it?
We found it through my agent. We didn't have to negotiate it. They were set on our first offer.
How did you finance this deal?
FHA Loan
How did you add value to the deal?
Rehab! :D
What was the outcome?
It is still on the way
Lessons learned? Challenges?
It is very important to keep going and plugging away even if it gets annoying. Most difficult part of this her underwriter to approve it for closing! That process took so long!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I wish I could, but my realtor is also my partner!