My First Investment! How it worked out and what went wrong
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $275,000
Cash invested: $20,000
I purchased this as my first home and used for house hacking. I now use this as a long term hold rental property.
What made you interested in investing in this type of deal?
I wanted to live rent free. I had saved up money for a downpayment by working as an HVAC technician
How did you find this deal and how did you negotiate it?
I was living in Texas during the COVID insanity and houses were selling within 24hrs. I was unable to get an offer accepted. I ended up last minute looking at TN and bought the home sight unseen the first day it was listed
How did you finance this deal?
First time home buyers loan 3% down
How did you add value to the deal?
Built a shed out back. Added a fire pit and seating area
What was the outcome?
I lived at the property rent free for 1.5yrs. I currently rent it out.
Lessons learned? Challenges?
Always find out about any utility easements. I had to tear down my shed by city orders. Don’t install a waterline in the attic with a weak connection. It busted during a freeze and flooded the living room
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
N/A