Buy smart! I like dual use properties.

[Jolie Richards]

Investment Info:

Single-family residence buy & hold investment in Salem.

Purchase price: $280,000
Cash invested: $14,000

Rental home with 2 renters but I bought it because it has a double lot that I will divide and sell separately for $100,000.

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

It had a renter ready 3/1.5 house and a .31 lot. I can divide and sell or divide and build.

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

On market.

How did you finance this deal?

Primary residence with conventional 5% down.

How did you add value to the deal?

going to add a carport and replace kitchen cabinets besides the lot division.

Lessons learned? Challenges?

Offer less money unless multiple offers.

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

I am an agent. My brother is my mortgage broker.