My very first deal.

4 Replies

Investment Info:

Single-family residence buy & hold investment in Naples.

Purchase price: $112,000
Cash invested: $20,000
Sale price: $290,000

Bought the house as a primary residence, was a bank owned, fixed by my self, hold it and sold it.

What made you interested in investing in this type of deal?

It was a good deal, I have the opportunity to buy it with no money down, at the time prices was moving up.

How did you find this deal and how did you negotiate it?

I researched the area, a lot of Zillow search on the price range I was looking for.

How did you finance this deal?

I use a rural development program together with a FHA loan.

How did you add value to the deal?

By fixing the house. And holding it for a 6 years.

What was the outcome?

I got the house, worked. Lot of hours to get it were I went it, hold it and sell it for almost $70K profit.and use it to buy my current house for $390K, but only own $219K.

Lessons learned? Challenges?

Find a good realtor that really want to work for you. Never use a realtor because you know him as a person, learned my lesson next time I will do some research before I hire somebody.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I did work with a realtor but I don’t recommend him.

@Yoel Reinoso great success on your primary residence!

You're 100% correct - don't use agents just because they're your friend or relative. You need to find a professional. There's too much money at stake not to use professionals. 

I would also extend that to CPAs and financial advisers. They can cost you thousands of dollars so find a professional.

Again, great success and best of luck on the next deal!

Amazing job on your first deal, and what a great profit! I wish you many many more. 

Did you mention you found this property on Zillow? I'm easily on zillow for hours on a weekly basis researching and browsing, I find it to be one of the the best free RE sites that one doesn't have to pay for or be a RE agent.

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