Updated 1 day ago on .
My first home/rental
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $280,000
Cash invested: $6,000
Equity is at 100k maybe a little higher.
What made you interested in investing in this type of deal?
My first home! Before it was a rental.
How did you find this deal and how did you negotiate it?
Buyers were very motivated and took first offer(which was me) when the market crashed during Covid.
How did you finance this deal?
Money I had saved about 6k, paid pmi at closing
How did you add value to the deal?
Did some easy cosmetic renovations! Seller updated certain things before putting it up for sale too! (2001 home)
What was the outcome?
It was great! Lots of hard work and learning!
Lessons learned? Challenges?
-be patient don’t buy the first home you see and like
-make sure it’s in a good area where home values are consistently rising
-learn loan programs! I was able to put very little down for my first home
-learn how to budget
-don’t overthink too much :)
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I was a lender assistant at the time so I learned a lot about mortgages before buying! But ultimately you can only look out for yourself in my experience people don’t care as much as you do about your own goals and gave me very little advice!
Also had a great real estate agent!