My First LTR

[Gene Babb]

Investment Info:

Mobile home buy & hold investment in Schaller.

Purchase price: $50,000

First rental property.

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

It was deal I could afford.

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

It was a family members neighbor. This neighbor was having health issues and could no longer manage to work on the house.

How did you finance this deal?

Half from the sale of my house half private money

How did you add value to the deal?

I put in a massive shed for extra room/storage. Small rehab, flooring, siding, and finshed a master bedroom.

What was the outcome?

Its currently rented. And hopefully for a while.

Lessons learned? Challenges?

A challenge i had was finding lender to do a cash out.

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

My wife and I put in the offer our selves and went through a title company to close.