100% finance with HELOC

[Patrick Davenport]

Investment Info:

Single-family residence buy & hold investment in Andalusia.

Purchase price: $72,900

3/1 1100 square feet

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

Passive Income

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

Driving neighborhoods & put in an offer 20% below asking price. The owner countered slightly higher and we made the deal

How did you finance this deal?

100% HELOC from my primary residence purchased this property

How did you add value to the deal?

Added a washer/dryer, stove, refrigerator, microwave and dishwasher

What was the outcome?

Property was rented within two weeks of putting it on the market. Beginners luck?

Lessons learned? Challenges?

Get preapproval before making an offer or the wait can possibly cost you the deal.

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

Only the property manager so far. Finding out that many real estate agents are somewhat lazy. Sorry agents, but I am sure it's not anyone in here. haha