My first investment property

6 Replies

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $40,000
Cash invested: $25,000

1500 square foot 3 bed 2 bath beautifully remodeled single family residence minutes away from The University of Southern Mississippi and Forest General Hospital

What made you interested in investing in this type of deal?

I was interested in investing in this type of deal because I wanted to buy my first place after college instead of throwing away $1,000 plus every month to rent a place.

How did you find this deal and how did you negotiate it?

I found this deal on the Zillow for 55K. I noticed the person selling the property ran out of money halfway through a renovation, so I offered 40K cash plus he had to leave all the supplies he bought for the house in the property upon sale. He accepted.

How did you finance this deal?

I financed this deal with a HELOC on my parents home that they owned free and clear

How did you add value to the deal?

I did a complete remodel to add value to this deal

What was the outcome?

The outcome was a beautiful property that appraised for $150,000 upon rehab ending

Congratulations, you did well! Are you planning on refinance it under your own name now? With the amount of equity you have in it you could easily buy another property. 

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