First Property (Househack)

[Vinnie Romero]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $107,000

This was my first home, and I purchased with the VA loan. $0 down, was able to get seller to pay all closing costs. At the end of closing, I received about $1300 dollars.
3BD/2BA, I rented out the extra rooms to pay the mortgage.

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

I felt that i've been listening to Bigger Pockets for so long with no action. I was focused on trying to get into multi-family units but was having no success. I decided to shift focus to Single-family, so I could get momentum going.
What interested me the most about this house was, I felt it was listed under market value. I was right, it appraised 15K over their asking price.

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

Zillow was how I found the house. Negotiating to get what I wanted, came from finding a realtor that I felt I could work well with. She wasn't afraid to negotiate, and kept at it until she got the Yes, I was looking for.

How did you finance this deal?

VA Loan

How did you add value to the deal?

I remodeled the kitchen, painted, and installed new flooring throughout the house myself. Also had a contractor installs for new HVAC, and roof.

What was the outcome?

Added roughly 80k in equity (with this current bubble)

Lessons learned? Challenges?

Finish each room/project, before starting a new one lol

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Veterans United

[Doug Spence]

@Vinnie Romero Congrats and welcome to bigger pockets! 

I have a few questions so others can learn more from your experience:

1. What is your total mortgage payment per month and how much rent do you collect for the other bedrooms?

2. What interest rate did you get on your VA loan? Was this your first time using it?

3. Will you buy another property in the future? If so, how will you fund the purchse and will it be in Fayetteville again?