How we started in real estate...

[Patrick Bisson]

Investment Info:

Single-family residence buy & hold investment in Colorado Springs.

Purchase price: $335,000
Cash invested: $83,750

This was our first rental property a 4/2/2, and this is how we started this adventure!

My wife and I previously discussed that week that we should get into the real estate rental game... a few days later we had dinner at our house with a couple who invested single family rentals, they walked us through their portfolio, how it came to be and how properties they owned were cash-flowing for them, basically how it "works". That night we looked at our finances and said that we should consider a single family house, near our residence and something manageable to start.

That weekend, my wife had scheduled meeting with a local agent for a coffee, she happened to be the one who had the listing for this house. The two of them hit it off, laughing and sharing stories, the conversation quickly turned into a short trip to see the house the agent had for sale... All this is happening on a Saturday morning, while I was out golfing! My wife texted me about it and sent pictures, I said great I'll come over to see it right after my round... I take the game seriously ;) she texted me again, and said: nope I got it... so she made an offer on the spot, and she bought the house!!!
Later she listed it on Zillow Rental - It took less than a week and we had multiple requests, we closed in 30 days and had our 1st renter moving in that day. Quite a start!

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

We have friends who invested in real estate and making good cash flow from their investments.

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

Worked with a local realtor, first to offer on the listing

How did you finance this deal?

Traditional investment mortgage 25% down.

How did you add value to the deal?

Used my own spreadsheet calculator (similar to BP)

What was the outcome?

Bought it and rented it right away!

Lessons learned? Challenges?

It was too easy... we bought several properties since