Single-family residence hard money loan investment in Hiram.
Purchase price: $230,000
Cash invested: $46,000
4 Bed 2 bath sq ft 2532
What made you interested in investing in this type of deal?
First Home... wanted to become a home owner for the longest time.
How did you find this deal and how did you negotiate it?
Inquired about the property when subdivision was being built and it sat for a few months and the builder was doing a build sell build strategy. So they were eager to sell this property to continue development.
How did you finance this deal?
Used a traditional Fanie Mae loan.
How did you add value to the deal?
At the time I had plenty of cash and plenty cash so I was willing to walk away from the deal if it was not a deal. The average sale in the neighborhood after this one was 251k. So it was bought with equity.
What was the outcome?
Bought home and held it for a while before relocating and renting it out
Lessons learned? Challenges?
Learned that you can't be afraid to walk away from a deal. Can't become emotionally attached to a Property untill the contract is signed.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Worked with a Buying Agent. I say if your buying MLS ...it doesn't hurt to get a buying Agent preferably one who is also an investor as they can advise the best in home potential and location.
It sounds like you have a good deal going there. Getting emotionally attached to properties is definitely a challenge for a lot of newer investors who get overexcited when they find their first deal.
How rehab much work needed to be put into the house? What is your exit strategy for the property?
Feel free to reach out with any questions!
@Albert Dorsey, congrats on your first deal. Good luck on your real estate journey.
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