Purchased with our children!

[Lori Fountain Bales]

Investment Info:

Single-family residence buy & hold investment in Winchester.

Purchase price: $175,000
Cash invested: $35,000

We bought this super cute house in a great location! It has needed a good bit of cosmetic renovation (pics to come soon!). Since we allowed our teenage/young adult children to be part of the deal, they've been part of the renovation process - learning how to demo, budget, and get their hands a little bit dirty :) It's been a fun project and we're now hoping to turn it into a short term rental.

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

I'm a former builder/current realtor - my husband and I are now putting energy into diversifying our retirement portfolio, so we decided to invest in real estate. It's also giving me the opportunity to teach my children how to do it. My son is now a mortgage loan officer with a degree in Finance, so he's very excited and also helpful with his awesome number crunching skills :)

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

I found it on MLS. I wouldn't call it an amazing deal, but definitely a solid purchase and good long term investment.

How did you finance this deal?

Traditional bank financing with all of our kids contributing their percentage of the deal to the downpayment. We formed an LLC and they all had to sign.

How did you add value to the deal?

Cosmetic renovation and understanding that corporate rentals in our area are doing very well right now. We will continue to see a lot of growth in Winchester, so I hope this holds for a couple more years.

Lessons learned? Challenges?

Keeping the "investors" organized throughout the renovation.