My first investment property

[Prescott Williams]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $40,000
Cash invested: $25,000

1500 square foot 3 bed 2 bath beautifully remodeled single family residence minutes away from The University of Southern Mississippi and Forest General Hospital

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

I was interested in investing in this type of deal because I wanted to buy my first place after college instead of throwing away $1,000 plus every month to rent a place.

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

I found this deal on the Zillow for 55K. I noticed the person selling the property ran out of money halfway through a renovation, so I offered 40K cash plus he had to leave all the supplies he bought for the house in the property upon sale. He accepted.

How did you finance this deal?

I financed this deal with a HELOC on my parents home that they owned free and clear

How did you add value to the deal?

I did a complete remodel to add value to this deal

What was the outcome?

The outcome was a beautiful property that appraised for $150,000 upon rehab ending

[Pat Heidingsfelder]

Great deal, and that's a great area! Congrats!

[Susan Maneck]

Congratulations, you did well! Are you planning on refinance it under your own name now? With the amount of equity you have in it you could easily buy another property. 

[Dmitriy Fomichenko]

Great job! Congratulations @Prescott Williams ! 

[Joe Fairley]

@Prescott Williams Great job! I just bought a house in historic downtown Hattiesburg! It's a beautiful area with lots of investment opportunities. If you ever want want to connect and talk real estate let me know.

[Brandon Metzler]

Nice! Thats a great first deal! I went to USM, do you plan to rent it by bedroom to students or a family? 

[Alicia C.]

Prescott!  I heard you on the podcast and I also follow you in IG.  You are inspiring!