Investment Info:
Single-family residence buy & hold investment in Norfolk.
Purchase price: $126,100
I bought a 2 bedroom, 1 bath near ODU campus. Wanted to begin my real estate journey with an investment property that I plan to rent out after a year.
What made you interested in investing in this type of deal?
It was close to ODU, which means the property value is almost guaranteed to increase year over year. Also, it was being offered for lower than market value.
How did you find this deal and how did you negotiate it?
I found it by searching on Zillow, talking to the seller's real estate agent, then getting a real estate agent of my own to help me facilitate the process.
How did you finance this deal?
I financed this deal with a conventional loan. I would've done an FHA, but my credit score was higher than what was required.
How did you add value to the deal?
All I did was make an offer and told them to fix a few things before I buy. My offer happened to be the highest.
What was the outcome?
I got the property, now I'm working to maintain it and keep it in good standing. The first project that I'm going to start on is getting the foundation level.
Lessons learned? Challenges?
I learned to make sure you know what to look for in an old home before purchasing. My home was made in 1924, so there are some significant repairs that need to be done, like the crawlspace. I wish I had more knowledge on foundation repairs before going into the deal, but nonetheless, it was still worth it.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I worked with Amanda Simpkins from Lonnie Bush Realty to be my buying agent. She did a fantastic job. Her communication skills are excellent and she has an abundance of knowledge on real estate when it comes to buying a home.
