Our first attempt at becoming real estate investors

[Glen Gaines]

Investment Info:

Single-family residence buy & hold investment in Memphis.

Purchase price: $10,000
Cash invested: $30,000

Single family home in the Whitehaven community of Memphis. It was our first property and we learned a ton. Excited to apply those lessons to the next one!

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

The low purchase price made this deal hard to turn down. It needed a lot of TLC but was worth it in the end.

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

Through a family member.

How did you finance this deal?

Cash

How did you add value to the deal?

The house was a burn out and had significant fire damage. We did a complete rehab to bring the house up to market standards.

What was the outcome?

We have a tenant living in the home with a steady stream of rental income.

Lessons learned? Challenges?

Move quickly and don't be intimidated by major rehab hurdles, just hire a contractor that can manage the project and communicates well.

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

No.