From Prison to Real Estate Investor!
Investment Info:
Single-family residence buy & hold investment in Sterling.
Purchase price: $90,000
Cash invested: $5,000
September 2018 I was released from CO department of correction. I knew exactly what path I would take for my future and have not looked back since. Over the next year and a half I built my credit and saved enough money to buy my first rental property. This is just the beginning of my legacy🙏🏽
What made you interested in investing in this type of deal?
I was interested in this deal because I knew it was the best way for me to get started during my circumstance.
How did you find this deal and how did you negotiate it?
Found this deal on Zillow. My mother is a real estate agent and I shared with her my goals and laid out the numbers I calculated on my own. I went back and forth with the seller until the deal matched the numbers I calculated.
How did you finance this deal?
I financed this deal using a FHA loan and putting 3.5% down payment.
How did you add value to the deal?
Most of the rehab was cosmetic. I also put up a fence and completed some landscaping.
What was the outcome?
I bought the home with some equity and after living there for a year I have not become a landlord and have rented it out with a cash flow of $200 per month.
Lessons learned? Challenges?
I learned that every challenge has a solution. Throughout my journey I am excited to share my experience and growth with others who share the same aspirations as myself.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I worked with my mother, Susan Bush. She is a real estate agent licensed in both CO and WY