This is a detailed breakdown of my very first deal.

[Ugo Okafor]

Investment Info:

Single-family residence buy & hold investment in Mobile.

Purchase price: $20,500
Cash invested: $10,000

In my beginning stages of wholesaling I came across 2 single family homes on the same lot and came into an agreement with the owner at $1,500.00 down and $645/month with the total price being $20,500. I am recently wholesaling in order to fund the repairs with my assignment fees.

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

Even though they aren't duplexes, the are on the same lot. I can put them on section 8 and keep a close eye on them because they're so close together. One is a five bedroom and the other is a 3 bedroom so I think they'll be good for monthly cash flow.

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

I was wholesaling a property for a tired landlord that I found on craigslist. I spoke with him in length, telling him my plans on buying and holding. He then presented me with the offer of the 2 houses. They were gutted to the studs buy I just wanted to get my foot into the real estate world. I currently wholesaled 3 of his properties and I'm looking to assign another one here first.

How did you finance this deal?

This deal was done through owner financing. A vendor's lien deed was recorded by me at the probate courthouse.

How did you add value to the deal?

I am taking a blighted property and restoring it in order to bring up the value of the houses in the surrounding neighborhood.

What was the outcome?

I'm still working on the rehab but it's beginning to move along quicker.

Lessons learned? Challenges?

I overleveraged myself in the beginning but now I'm house hacking and acquiring more assignments fees for the rehab.