Investment Info:
Single-family residence buy & hold investment.
Purchase price: $338,000
Cash invested: $37,000
Currently living in a single family home while fixing it up to eventually rent and refinance.
What made you interested in investing in this type of deal?
It was the ugliest house on the block that was neglected and was surrounded by a bunch of higher quality homes.
How did you find this deal and how did you negotiate it?
Found it on the MLS. Negotiated with OpenDoor to get it under list price.
How did you finance this deal?
Conventional loan
How did you add value to the deal?
I negotiated it down with the results from inspection, comps in the area, and ARV.
What was the outcome?
Was able to purchase under market value while able to add value through self rehabbing.
Lessons learned? Challenges?
It is not ideal to negotiate with corporations like open door or Zillow rather than a selling agent/broker.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I work closely with edina realty mortgage and cannot recommend them enough. They will find a solution for your need.
