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 had dinner with a couple of friends who invested in SFR.
The following weekend, my wife scheduled a meeting with a local agent for a coffee, she happened to be the one who had the listing for this house. After looking at the numbers, We made an offer and got it!
Later she listed it on Zillow Rental. It took less than a week and we had multiple requests, we closed in 30 days and rented it day 1

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