My first house on my journey

[Aaron Haynes]

Investment Info:

Single-family residence buy & hold investment in Socorro.

Purchase price: $85,000

My first home that I found as a foreclosure. I fixed it up, refinanced with sweat equity to get rid of PMI. I then house-hacked it renting to a friend for a couple years before I moved out. I currently make about $200/month on this home.

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

I was 23 and thought it'd be cool to already own a home.

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

I drove around looking at foreclosures in my small college town.

How did you finance this deal?

That was back when the banks were handing out money with almost no questions asked.

How did you add value to the deal?

I fixed it up and had more than 20% equity within 3 months to get rid of the PMI.

What was the outcome?

Still have the home.