Updated about 23 hours ago on . Most recent reply
My first partnership deal
Investment Info:
Single-family residence buy & hold investment in Solvang.
Purchase price: $14,000
Cash invested: $200
Sale price: $60,000
My first pure investment property that I never lived in.
What made you interested in investing in this type of deal?
Opportunity knocked.
How did you find this deal and how did you negotiate it?
By asking a guy what he had for sale after buying a nice desk from him.
How did you finance this deal?
The bank financed the entire price, but we had to cleat an IRS lien off of it.
How did you add value to the deal?
INstalled used carpet, painted it, cleaned up the yard, fixed faucets, etc. Rented it a few years.
What was the outcome?
Sold it and me and my partner reinvested in down payments on a couple more houses.
Lessons learned? Challenges?
When opportunity knocks answer, and always ask if they have anything for sale.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Private sale. Bought it for the outstanding IRS lien.
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