Updated almost 3 years ago on . Most recent reply
Our first property April 2022
Investment Info:
Single-family residence buy & hold investment in Alexander.
Purchase price: $102,000
Cash invested: $25,000
Our first property! SFH in Akron, OH
What made you interested in investing in this type of deal?
We want to include Buy and Holds as a component of our portfolio.
How did you find this deal and how did you negotiate it?
BP Turnkey List. They helped us streamline everything.
How did you finance this deal?
Cash downpayment and long-term conventional loan.
How did you add value to the deal?
Cash payment.
What was the outcome?
We needed to get started on something, and learn from the process of it, any mistakes and all. So we finally were able to dive in and get started, so we can have outlooks for future projects, something to base it off of.
Lessons learned? Challenges?
Keep running numbers! Verify fees because they post fees but they are just a snapshot of what you might have to deal with, could be +/-. And there were some tricky components with PM to get started, but it got cleared up and so far it's going fine.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
For financing, Highland Mortgage was helpful to get started, and now we are with Mr. Cooper which seems to all be going well so far. The members at BP, although new people were contacting us all the time, they really streamlined the help every step of the way.