My 1st Experience in real-estate investing

[Thomas Brown]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $140,000
Cash invested: $50,000
Sale price: $200,000

My experience with my first real-estate investment was not good at all. But i will acknowledge that I had horrible predatory guidance and mentorship.

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

Passive income, equity building

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

Deal found on MLS negotiated using real-estate agent

How did you finance this deal?

Kiavi for purchase and rehab + out of pocket

How did you add value to the deal?

remolded kitchen, new floors, mechanical upgrades through out the home.

What was the outcome?

i lost a ton of money, didn't gain any with-drawable equity with the re-fi however, the property is now section 8 occupied with a pretty good tenant and we are building equity month to month.

Lessons learned? Challenges?

1. Its very hard to find good honest people (especially contractors)
2. the taxes - no one talks about how hard it is find someone who knows and understands real-estate taxes.
3. do as much of the work as you can manage in BRRR
4. EVERYONE IS TRYING TO RIP YOU OFF - STAY SHARP

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I did - but there is not a single person that i would recommend. in hindsight with my first project I was exploited, taken advantage of and lied to. Never again.

[Michael K Gallagher]

@Thomas Brown unfortunate that you had this experience but respect for sticking it out, tacking your licks and having a long term view.