Updated about 4 years ago on . Most recent reply
First time investor
Investment Info:
Single-family residence other investment.
Purchase price: $75,000
Cash invested: $10,000
This was my first investment property. I always wanted to gain rental property to aquire financial freedom and the ability to do things when i want and how I want with my family and get out of the w2 rat race but that takes a few dollars and knowledge so before learning creative strategies I did the live in flip strategy.
What made you interested in investing in this type of deal?
I really wanted to get out of the renting side of real estate and dive into something that I knew my money was paying off something of my own. I've always wanted to invest in real estate but i didn't know how. So buying a home to live in that was under market value and had potential to grow i took the leap as a live in flipper.
How did you find this deal and how did you negotiate it?
I was living in west bend and just looking for homes under 100k. I found this deal on an app called redfin. I talked to a real estate agent in the Fond Du Lac area and we went and checked it out.
How did you finance this deal?
I did a conventional loan at a 3% down payment for 30 year fix. and since this was my first home I got a $700 first time home buyer credit towards down payment through the bank I went with.
How did you add value to the deal?
cosmetic repairs. Fencing in the yard for privacy which everyone likes. Put a deck on a the flat roof which had a door to walk out on. Put french doors to close off the office den which then made this a bedroom.
What was the outcome?
I walked away with a check for $52k.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes. Tyler Beckman with Beckman Properties out of Appleton.