Investment Info:
Single-family residence buy & hold investment in Baltimore.
Purchase price: $140,000
Cash invested: $12,000
So this was my first Investment property. After master minding it for months I really just wanted to get started. So I jumped in with both feet and am very excited about the process.
What made you interested in investing in this type of deal?
My original plan was to find a house with a basement that could be converted into a separate apartment, turning it into 2 rentals. Also this was a turn key property which meant less worries and work for me on my first property.
How did you find this deal and how did you negotiate it?
Zillow. There were 3 officers on it the day after it was online. I had to bid 10k more for it with an escalation clause for another 10k. Luckily it didnt make it to the escalations.I figured if others were this interested in the house now then I wouldnt have any problems renting, selling etc.
How did you finance this deal?
conventional
Lessons learned? Challenges?
Dont let your neighbor park their vehicle in your driveway while it is vacant. It wouldnt start when it was time to move it and I had to threaten to call the police a week later. Meanwhile my tenants couldnt use the driveway while moving in.
Good staging really helps with the sell.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I actually worked with 2. I thought they were just going to split the standard commission. Silly me.
