My First property - A live in fix

[Mike Hasson]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $175,000
Cash invested: $15,000

First project! Was renting while researching real estate, and basically just bought it from my landlord!

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

passive income and wealth building

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

I was renting the home, negotiated because i knew it's flaws, and leveraged an extended lease that I had signed to live in the property

How did you finance this deal?

Conventional

How did you add value to the deal?

Opened floorplan, new floors, new bathroom, new wood picket fence, removed dead trees, many many repairs including roof, electrical, plumbing

What was the outcome?

A beautiful home ready for a happy resident

Lessons learned? Challenges?

Working with contractors, how to fit in the box for conventional financing, how equity is built, construction basics, DIY reapairs