Investment Info:
Single-family residence buy & hold investment in Indianapolis.
Purchase price: $113,450
Cash invested: $30,000
First buy and hold deal. It was a good safe transaction. But now I am looking to do more, including locally in Silicon Valley, CA.
What made you interested in investing in this type of deal?
I just wanted to get into real estate investing and was tired of being on the side line. I just wanted to get my feet wet, and buy and hold was a quick way for me to just jump in.
How did you find this deal and how did you negotiate it?
I found the deal on rooftstock.com. I know I could have found more lucrative deals if I spent the time, but I didn't have to do much, if at all to get this first deal.
How did you finance this deal?
This was self financed.
How did you add value to the deal?
There was debris and well clean up. I got the property without a renter, and was able to get someone in and get the property cashflow positive.
Lessons learned? Challenges?
When doing out of state property, just be prepared for things that might be overlooked, like neighbor's yard and how it may effect your property. Also, the water, although tested, was not tested thoroughly enough.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
This was mostly done through roofstock.
