Updated over 2 years ago on . Most recent reply
1st home buy, what now?
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $205,000
Cash invested: $10,000
I bought this as a primary residence. I am sort of house hacking because I have someone living with me and paying half of everything. It has accumulated equity over the years, and now I am deciding how I want to utilize this property to expand my real estate portfolio.
What made you interested in investing in this type of deal?
I just wanted to own a home, and not have to rent.
How did you find this deal and how did you negotiate it?
On the MLS. Honestly as a first time home buyer I knew nothing and basically just followed my realtors lead. Whatever she suggested I just went with it.
How did you finance this deal?
FHA. First time home buyer down payment assistance program, they supplied some of the down payment.
How did you add value to the deal?
Accumulated equity over the years.
What was the outcome?
I still own this property. Really want to buy another home as primary residence and rent this one out either short term or medium term.
Lessons learned? Challenges?
I would say the challenges I am facing right now or are what I want to do with this property. I feel like I have so many different options.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Right now I am working with a loan officer Austin Ruffner in Lake Havasu City. Great attitude. He is helping me get preapproved for a second buy.