First Home Purchase.

[James Smith]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $239,000

I currently live in the house and have an Army friend living with me. I used the VA loan, $0 down, I even got the closing costs in my loan. 2.75% interest rate. My buddy pays me $300/month and takes care of the utilities and WIFI.

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

I knew that I needed to get my foot in the door, so while I was in the barracks at Fort Bragg, I bought the house without even seeing it first! Wasn't in great shape, but the PITI is only $1187, should rent for $1900. Purchased with no money down!

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

On the MLS! I said I'd pay full ask if they covered some closing costs!

How did you finance this deal?

VA Loan! I was able to finance some of the closing costs into the mortgage!

Lessons learned? Challenges?

I'm so happy I listened to the Beard and was okay with hitting a base hit on my first deal! Created momentum!

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

Nick Hague from Loan Depot is stellar! He can do any agency loans in Florida!