First home (hopefully many more to come)
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $385,000
Cash invested: $10,000
We are very happy with our purchase so far. Upon purchase we received seller concessions to cover a brand new septic system and significantly buy down our down payment. Since purchasing we've refinished the hardwood floors and remodeled the kitchen so far. I am a home remodeled by profession, so we are able to do our own renovations very affordably. I suspect we have added a lot of equity to the property, but have not had it reappraised yet.
What made you interested in investing in this type of deal?
This was our first home purchase, but I hope it is the first of many. I believe I have the skills to set myself up for great success in real estate investment.
How did you find this deal and how did you negotiate it?
My wife and I had been watching for a house for a while. We felt this one was a good fit.
How did you add value to the deal?
So far we have added value by refinishing the hardwood floors, remodeling the kitchen and adding mini splits. By eliminating the furnace we now have room to add a second bathroom. We will also be widening the driveway and building a new garage/shop.