Single-family residence buy & hold investment in Lafayette.
Purchase price: $83,000
Cash invested: $3,500
Split level condo. Currently house hacking it while I work in West Texas.
What made you interested in investing in this type of deal?
Got tired of renting. Looked around for something that would be cheaper than renting. Found this condo listed at $95,000. Appraisal came in at $83,000. I've had a roommate rent one room for all two years. He pays half my mortgage and watches my dog while Im working.
How did you find this deal and how did you negotiate it?
Found it on MLS. Realtor was a high school friend of mine and seller was an old high school teacher of ours. Negotiated it based on appraisal and certain cosmetics. Also seller left all appliances.
How did you finance this deal?
FHA Loan with 1% down. Brought cash to close.
How did you add value to the deal?
Still figuring that out
What was the outcome?
Well I live for pretty cheap. Plan on buying another SFR or a MFR, updating this one and renting it for $950-1150/ month which will net me around $200-400/month
Lessons learned? Challenges?
The most challenging thing was getting through the buying process. I learned not to fall in love with the property and take more time running numbers. With that being said, I don't regret this one.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I did and I would at the time, but seeing as I just got licensed I'd have to recommend myself! X)
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