New acquisition 9/22/21

[Eddy Ogbekhilu]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $400,000
Cash invested: $209,000

5 bedrooms 2bathrooms, swimming pool, 2 car garage,1847 sq ft under air and 0.67 acres.

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

Potential and a very promising potential rental in line.

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

Driving in the neighborhood. 20k less than asking price,cash offer no inspection and closing within 4weeks.

How did you finance this deal?

200k from a private lender @ 10 % interest rate,1.5 origination fee, 200k+ from personal savings. 5 yrs balloon payment with the option to refi at anytime and no pre-payment penalty.

How did you add value to the deal?

Tons of value already,move in ready....brand new refrigerator, washer and dryer as well.
Potential 5 years lease or worst-case scenario Airbnb.

What was the outcome?

Its only been 3days since I closed on the property...but things are falling in place pretty quick.

Lessons learned? Challenges?

Don't be afraid to fail. If I fall is ok and if I can look up I am sure going to be ale to get up.

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

Yes.Real estate agent...xcellent guy.