First Move into Real Estate

[Reese Fokine]

Investment Info:

Townhouse other investment in Shawboro.

Purchase price: $317,000
Cash invested: $10,000

My first property, which I rent two of the three rooms to my friends from college. This property wasn't meant to cash flow, but instead subsidize my living expenses, while having great, and reliable renters.

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

Great long-term development and establishing area. It is close to the IND airport, downtown, convention center, and 3 universities.

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

I previously stumbled upon the area when looking to rent. I rented there for a few months to feel the area out then bought when I saw property values

What was the outcome?

I was given 20,000$ to close, had appliances included, and given an extended home warranty.

Lessons learned? Challenges?

I bought it at 23yrs old and thought I didn't need a realtor. I came to this conclusion due to while growing up, I had built trusses, and remodeled houses. Throughout the deal the selling realtor, and housing development company tried to take advantage of me due to seemingly due my age, and it being my first property that I was purchasing. I think moving forward, I will work with a realtor that knows the area, local building code, and will be able to advise me in the right direction of action.