First investment in Oakland CA

[Nicola Rutherford]

Investment Info:

Single-family residence buy & hold investment in Oakland.

Purchase price: $440,000
Cash invested: $25,000

2bd 1ba needed some work, so live-in fix and hold to rent.

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

I could live in the space while I fixed it and I love a good project. Allows me to work at my pace while I also work full time W2

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

MLS, I had an agent who went above and beyond to help me secure this house in the brief dip at the beginning of the pandemic.

How did you finance this deal?

Conventional mortgage with great interest rate. Savings from W2.

How did you add value to the deal?

Having enough knowledge of buildings to identify and know how to navigate the issues, knowing how to do repairs myself, knowing when to recognize a good opportunity that had been on the market for a while.

What was the outcome?

I had my first offer accepted and over the last year it's gained a significant amount of equity.

Lessons learned? Challenges?

It's possible even in a challenging market like the bay area to get your foot in the door. I believe I will be able to rent with a small profit margin after all the contingencies based on area research but time will tell.

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

Chris Mason, mortgage broker, was instrumental in making this deal come true. Christine holt, agent, went the extra mile for me.