First property investment at age 55.
Investment Info:
Single-family residence note investment investment in Pittsburgh.
Purchase price: $8,000
Property was bank owned, (first prop investment) talked with realtor, told him I want to buy a single fam house to sell on owner financing.
Currently working on a fsbo in Orlando, looking to acquire using owner financing.
What made you interested in investing in this type of deal?
Realized that I didn't want to be a landlord, this niche was best for me and investment strategy.
How did you find this deal and how did you negotiate it?
Bank owned, and talked with realtor, property was listed at $27k, offered $8,000 as property was on the market for over 100 days.
How did you finance this deal?
Unfortunately my own cash.
How did you add value to the deal?
Sold on owner financing, that was my value add, new owner jumped at the idea of monthly payments over time.
What was the outcome?
It's cash flowing, so far so good.
Lessons learned? Challenges?
Should have negotiated lower price, challenges, was looking for private money.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Worked with an agent, unfortunately agent is no longer in business.