Investment Info:
Other buy & hold investment in Berkeley.
Purchase price: $55,700
Cash invested: $62,000
Bought a 3.3 acre lot in a residential neighborhood 1.5 miles outside of downtown Prescott, WI. Original plan was to build 3-5 years down the road, but now with the lot fully paid off and significantly appreciated, I would like to use this equity to kickstart real estate investing into cash flowing properties.
What made you interested in investing in this type of deal?
I was planning on building a dream home one day on this lot.
How did you find this deal and how did you negotiate it?
Found the listing on Zillow. Not a great negotiating effort on my part.. The realtor actually suggested I go lower.
How did you finance this deal?
I was 4 months into my career post college so I emptied my savings account and loaned money from my parents for the down payment.
What was the outcome?
Significant appreciation. Looking to sell and leverage the purchase price for a 1031 exchange towards cash flowing rental properties.
Lessons learned? Challenges?
Don't offer the listing price on a stagnant listing, go lower.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I would recommend the Lonnie Larson Singerhouse Team. Lonnie was a pleasure to work with and helped me through my first time as a buyer.
