Our first buy and hold investment property

[Susan Grinde]

Investment Info:

Single-family residence buy & hold investment in East Wenatchee.

Purchase price: $123,000
Cash invested: $30,000

Single family ranch style home with single car garage and large corner lot. Three bed, 1 bath. 1094 sq ft. Remodeled interior and new roof and exterior siding and windows in 2012.

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

Wanted to put money inherited from parent into something that would grow.

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

Located close to our home, so would drive by it often. Noticed it went into foreclosure. Contacted realtor who helped us with negotiations.

How did you finance this deal?

Cash

How did you add value to the deal?

Completely rehabbed the home.

Lessons learned? Challenges?

This was our first investment property. We did all the work ourselves, except the roof and some of the electric. It was good to do the work ourselves to learn how to do the many things we had to do. However, it took us a long time to get the house completed and rent ready (over one year). Never was in a big hurry to get it rented since we were not paying any mortgage on it. We learned that was the wrong attitude! Time is money. Hire out as much as one can afford to get a property rent ready.

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

Debra White was our real estate agent.

[Steve Vaughan]

Nice job!  Well done buying a real asset with your blessing vs squandering it on toys like a lot of people would have!