First Deal Out of State

[Bryan Lee]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $70,000
Cash invested: $30,000

This is our first property, currently under a light makeover of a little demo, fresh paint, new floorings, and other unexpected costs. We did add a few thousand to the budget for unexpected items but might go over that slightly. It was a grind. The culmination of over a year's worth of studying, learning, working, analyzing but it was a surreal experience to sign the closing documents.

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

we wanted buy and hold to gain financial freedom and spend more time together as a family.

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

Our rock star real estate agent went to the property and took a video and said if we didn't buy this property he was going to.

How did you finance this deal?

Conventional financing.

Lessons learned? Challenges?

Always add more for rehab than you think. Make a list of all the risks and assess if it's worth it for you. Flex that risk-taking muscle.