First time investment property deal
Investment Info:
Single-family residence private money loan investment.
Purchase price: $95,000
Cash invested: $9,000
What made you interested in investing in this type of deal?
I have always wanted to invest in rental property.
How did you find this deal and how did you negotiate it?
The property was owned by my father-in-law. We came to an agreement on what we thought was a fair deal.
How did you finance this deal?
Owner financing.
How did you add value to the deal?
I was able to do all the repairs myself to save money.
Lessons learned? Challenges?
Although I have a positive cash flow, I don't have quite enough equity in the property to refinance with a bank to get my cash that I used on this property so that I can invest in another property. I would like to try the BRRRR process out. My brother and I are currently looking for an investment property and we are having problems finding some that we can get a good deal on in order to refinance and get money back.