Single-family residence buy & hold investment.
Purchase price: $65,000
Cash invested: $65,000
3 Bed, 1 Bath in Memphis. Newly rehabbed
What made you interested in investing in this type of deal?
I realised I needed to take my pension security into my own hands. I struggled for months to get any sort of financing. Because I live abroad I was not able to find a lender willing to provide a loan. They all said I needed at least one asset in the US. I came across this property that I could purchase outright, so I jumped in. Now I have my asset in the US and am ready to refinance and leverage my money.
How did you find this deal and how did you negotiate it?
Found it through the Jason Hartman network. Offered $5,000 below asking and requested a new roof with cash sale. Seller accepted
How did you finance this deal?
What was the outcome?
Purchased new rehab with tenant already in place
Lessons learned? Challenges?
A lot of questions were answered in my first deal. Main takeaway is the deal was not complicated and have someone you can ask when you're unsure.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Carrie from the Jason Hartman group led me through the whole process, found the property and answered any questions I had. She really gave me confidence in my first deal.
Hi @John Van Der Merwe - Congratulations! We must meet up next time I'm in Copenhagen, I was there last summer and love it!
Congrats @John Van Der Merwe ! I love to hear of overseas investors running into the hurdle of not being able to get financing because they are not US citizens and just jumping right over them! No financing? I’ll just buy it out right and refinance later....Love it. Keep us posted on your journey!
Hey Jaco, you're off to a great start! I'm excited to see your investment portfolio grow!
Congrats! Whats the plan for your second property now that you see how easy it is?!
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