Bought a House for my Mom

[Aneury Evangelista]

Investment Info:

Single-family residence buy & hold investment in Bogota.

Purchase price: $394,000
Cash invested: $31,412

Bought a home for my parents using the cash coming in from my other properties. Today's cash flow is $0, but the long term equity and appreciation will more than make up for it. The monthly expenses will be covered by the cash flow generated from one of my other properties. But the main thing is that I get to give my mom a nice place to live for free which is priceless!

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

I invest for the benefit of my family. It was a no brainer to make this happen once I came across the opportunity.

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

This was a short sale listed through a Realtor.

How did you finance this deal?

Cash from existing properties and real estate broker business

How did you add value to the deal?

I am currently fixing up the kitchen and bath which will get the price of the home up to $485k vs the $394k I paid.

What was the outcome?

Happy mom!

Lessons learned? Challenges?

Short sales are not short at all...

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

I am a licensed realtor and handled the deal myself.