First property purchased - Living in Denmark

[John Van Der Merwe]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $65,000
Cash invested: $65,000

3 Bed, 1 Bath in Memphis. Newly rehabbed

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

I realised I needed to take my pension security into my own hands. I struggled for months to get any sort of financing. Because I live abroad I was not able to find a lender willing to provide a loan. They all said I needed at least one asset in the US. I came across this property that I could purchase outright, so I jumped in. Now I have my asset in the US and am ready to refinance and leverage my money.

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

Found it through the Jason Hartman network. Offered $5,000 below asking and requested a new roof with cash sale. Seller accepted

How did you finance this deal?

No financing

What was the outcome?

Purchased new rehab with tenant already in place

Lessons learned? Challenges?

A lot of questions were answered in my first deal. Main takeaway is the deal was not complicated and have someone you can ask when you're unsure.

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

Carrie from the Jason Hartman group led me through the whole process, found the property and answered any questions I had. She really gave me confidence in my first deal.