First deal - Using it as my "Bank"
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $153,700
Cash invested: $31,000
Single family townhome purchased as a house hack. Living with roommates to supplement the mortgage and pay down in order to build/create equity.
What made you interested in investing in this type of deal?
Family business is/was buy and hold commercial and residential real estate.
How did you find this deal and how did you negotiate it?
MLS - Real Estate Agent who I met going to an open house. Listing was 159K, offered at 147K, settled at 153.7K.
How did you finance this deal?
20% down - conventional loan product.
How did you add value to the deal?
Preapproved for loan and 5K hand money.
What was the outcome?
Offer was countered once, but accepted quickly.
Lessons learned? Challenges?
Always do an inspection, even on a newer home. Was told that inspection was done already by HOA which was a lie. Had some minor plumbing issues after closing which could have been much worse if not caught early.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Agent / Loan Officer (Personal Friend) - Yes, I would recommend my agent and Loan Officer.
