Single-family residence buy & hold investment.
Purchase price: $74,900
Cash invested: $4,000
This is my first investment property and I plan to put it up for rent this weekend. I just finished going through the entire place and ill be looking for the next property soon.
What made you interested in investing in this type of deal?
The condo came with an HOA fee but it also came with minimal maintenance and I didn't need much of a cash investment to buy it and fix it.
How did you find this deal and how did you negotiate it?
I found this deal on the MLS and I put in an offer and ended up accepting the sellers counteroffer
How did you finance this deal?
Using an FHA loan
How did you add value to the deal?
I went through the entire unit with new paint, all new electrical and changed the way certain spaces were being used to make it more livable
What was the outcome?
The place came out great and I stayed within my budget but I did think it would be quicker to renovate.
Lessons learned? Challenges?
I learned a lot about what things cost and how much time those things take so ill be able to better manage my time and budget for the next property
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes I worked with Calvin York as my realtor and he was awesome throughout the entire process.
I used Shawn Martin as a lender and he was very knowledgable but he took forever to get the loan processed and continued to try blaming other parties involved. Im not sure if ill use him again because he did just move to a better company.
If it's a condo and you used FHA, isn't is supposed to be owner-occupied? Just trying to understand how are you working it out as a rental property with FHA
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