Updated about 3 years ago on . Most recent reply
I am excited that I made my first deal!!
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $60,000
Cash invested: $12,000
It is 2 bedrooms and 1 bathroom detached single family home with a total living area sqf of 960. I found that deal on MLS. Right after I had toured the property, I offered $60, 000 and the agent called me and asked me to make it $70,000 and I said I can only offer $60,000. She called the next day and asked me to bump the DD from $500 to $1000, and I accepted. I wrote a new offer, and the seller signed it.
What made you interested in investing in this type of deal?
It is a great buy and hold that will generate $300 cash flow every month.
How did you find this deal and how did you negotiate it?
I found the deal in MLS. I did a CMA and found out the value of the property was about $90,000. The seller lives and a different state, so I believed she was motivated to sell. So, I offered $60,000 and my offer was accepted.
How did you finance this deal?
The bank with 80% LTV
How did you add value to the deal?
I have not yet but this is a plan. I will do exterior painting, upgrade the bathroom, and the kitchen.
Lessons learned? Challenges?
I could have bought the property for a little bit less than $60,000, because the seller lives in Florida, and she is over 80 years of age.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am a Real Estate agent.