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Updated almost 4 years ago,
First Investment Property
Investment Info:
Single-family residence buy & hold investment in Palmdale.
Purchase price: $385,000
Cash invested: $6,000
Originally purchased using FHA loan as my primary residence, then refinanced with conventional loan and moved out of state, it is now kept it as a rental centrally located near freeways, shopping centers.
What made you interested in investing in this type of deal?
During the time that I resided in this home, I began house hacking and realized an overflow of individuals inquired in renting my home since it is surrounded around the Aerospace Industry.
How did you find this deal and how did you negotiate it?
This home had the master bedroom for rent in, three weeks into moving in the landlord placed the house for sale which gave me the opportunity to speak directly to him and come to the agreement to sale me his home.
How did you finance this deal?
Using an FHA loan and putting in the 3%
What was the outcome?
The outcome was that the previous landlord helped with closing costs.
Lessons learned? Challenges?
Negotiate much lower prices than saying YES to the first negotiation amount.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I would not recommend the agent that assisted me.