First Deal in Bemidji

[Parker Cermak]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $123,000
Cash invested: $30,000

3 bed 1 bath single family residence. Very convenient location with plenty of amenities. Central A/C, fenced in back yard, 2 stall garage.

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

First deal, had to start taking action.

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

Found on the MLS, offered above asking.

How did you finance this deal?

Local portfolio lender. 20% down, 5 year balloon.

What was the outcome?

A couple small repairs, but it was a great first purchase. Great tenants. Happy with the outcome.

Lessons learned? Challenges?

Try and get your rental permit after 8/1.

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

Brenda Baker-Koda Bank Bemidji--Lender
Andrew Erholtz-Vision Properties--Property Manager
Celeste Cermak-Counselor Reality Bemidji--Agent