first time home buyer

[Ashley Powell]

Investment Info:

Single-family residence private money loan investment.

Purchase price: $128,000

This is a 3/2 completely remodeled home with a large fenced in backyard. Custom granite countertops with soft-close cabinets in the kitchen. Bathrooms feature marble countertops, and the master has a custom 6 jet shower head. The yard features an in ground smart water sprinkler, and is protected by a 24 hour monitored home security system. The master suite upstairs, hosts two large walk in closets and a private porch.

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

I bought this house as a new flip in a rough area. It was a beautiful house and I purchased it as a primary residence. I realized the neighborhood was up-and-coming and when I moved decided to refinance, and keep the house as a rental.

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

It was the first day on the market and I knew I had to have it. I made an offer at the house.

How did you finance this deal?

VA Home loan with 0 down.

How did you add value to the deal?

Fenced in backyard. Did landscaping for the house. Removed old trees, and trees close to the house providing varmints an entry. Had in ground sprinkler system installed. Seeded grass and planted flowers and lined flower beds in front yard.

What was the outcome?

current rent is $1500/mo

Lessons learned? Challenges?

cost vs. equity analysis is a must. This was a personal home but for investments every fix needs to be weighed against the long-term benefit.