Investment Info:
Single-family residence buy & hold investment.
Purchase price: $138,000
Cash invested: $10,000
We have been house hacking.
What made you interested in investing in this type of deal?
We were unaware of how to change our strategies. We really liked different styled homes and wanted to expand our knowledge to grow a business.
How did you find this deal and how did you negotiate it?
We found it through a realtor. We were able to negotiate the deal since it was vacant and on the market for over 6 months.
How did you finance this deal?
We financed the deal through a bank loan.
What was the outcome?
Bought the home and lived in it for 2 years.
Lessons learned? Challenges?
The lessons that I learned is that in order to be in this business, you have to pay very close attention to your budget. Instead of going to get brand new materials and appliances, look for gently used materials, appliances or sales. It helps tremendously!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, Kelly Painschab with Home Town Realty.
