3 property, 1 bed room single family with was to build equity

[Jason Meade]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $28,000
Cash invested: $6,000

single family one bed room, with huge unfinished attic

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

it was low cost, i can turn attic into a few more bedrooms very easy. it was a seller financed deal from a friends self directed ira.

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

Another investor knows i am actively looking and pretty much gave it to me . I got him to pay for a all new metal roof, and he let me set payments at what ever i want . with a 5 year balloon. I had it almost one year now. its makes $400 a month. i not put any more money in it yet or turned into a 3 bedroom. I am in the process of refi out with a interest only loam from a small one location local bank .

How did you finance this deal?

owner financed, i put 6k cash down

How did you add value to the deal?

not really. But i will in the future , i will be adding 2 more bedroom.

What was the outcome?

great so far . had a few tenant troubles but i learned alot from it

Lessons learned? Challenges?

look past how tenates look on paper. look at who they are

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

nope all off market