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Updated about 4 years ago,

User Stats

9
Posts
3
Votes
Brady Groves
Pro Member
  • Investor
  • Hill City SD
3
Votes |
9
Posts

My first investment Property

Brady Groves
Pro Member
  • Investor
  • Hill City SD
Posted

Investment Info:

Single-family residence commercial investment investment.

Purchase price: $235,000
Cash invested: $7,000

Bought a vacation cabin in the Black Hills of South Dakota

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

Honestly it just fell in my lap. At the time I did not know I wanted to be in real estate investing. My mom was looking for a property and she actually tried to purchase the property and that didn't work out for her. Instead of letting it pass on to another person I was able to jump on it and it became the first house I have ever bought

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

My mom was the property manager for the owners. When they said they wanted to sell they gave her first option and than me the second option before it went public. We got an appraisal and agreed to a number after that.

How did you finance this deal?

I got a conventional 30 year loan. In the process of refinancing and moving it to a commercial loan to pay off sooner.

How did you add value to the deal?

Being able to let the owner know I was going to take care of it and that they would be welcome back anytime. This meant more to them then anything.

What was the outcome?

I ended up buying it. Still own and manage it.

Lessons learned? Challenges?

There is a lot that goes into deals and takes more time than what I thought it would. Getting a property inspection is very important no matter how well you know the property. The biggest challenges came with getting financing as I was only 21 years old at the time.

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

My real estate agent was my mom. I would recommend her but would also be upfront that we are related.

  • Brady Groves
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