Very First Investment Property

[Account Closed]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $222,000
Cash invested: $22,000

Contributors:
Vincent Crane

SFH with an unfinished basement that I am in the process of finishing and converting to an in-law or second unit for a house hack.

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

I saw the potential it had. My goals were to house hack and eliminate my own living expanse while making some cashflow on the side and with some renovations this property would allow me to do just that.

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

MLS

How did you finance this deal?

Conventional Loan

How did you add value to the deal?

Major renovations.

What was the outcome?

Currently rented out a part of the house that covers all of my PITI expanses and I am living for free. I also plan on renting out the basement once its finished for pure cashflow.

Lessons learned? Challenges?

Renovations will always take way longer than what your contractor tells you.

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

Yes, I had a great agent and a great lender. Both were very knowledgeable and knew their stuff.