My first investment property
Investment Info:
Single-family residence other investment.
Purchase price: $180,000
Cash invested: $20,000
It was bought through a hard money loan, used $40,000 from the loan to remodel the two bathrooms, kitchen, electric panels, new HVAC system, new light fixtures. Then listed it for rent and refinanced on a 30 year mortgage. Currently paying mortgage from the rent with a low cashflow.
What made you interested in investing in this type of deal?
Being able to have an investment property paying the mortgage by itself as a long term investment.
How did you find this deal and how did you negotiate it?
I found it myself on the MLS and negotiated with the listing agent. ( I am a licensed realtor )
How did you finance this deal?
Hard money loan to purchase the property and to do the upgrades and then refinanced it on a conventional 30 year mortgage.
How did you add value to the deal?
Doing a partial rehab on kitchen, electric panel, bathrooms, new HVAC, paint, front and back yard curb appeal.
What was the outcome?
Bought it for $180K, used $40K for the rehab and appraised for $295K.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Myself.
