My first investment property
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