My First Deal - Looking To Raise Capital For My Next One
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $195,500
Cash invested: $39,100
Single family generating a 25.16% return only on the cash flow.
What made you interested in investing in this type of deal?
The Kennesaw rental area is growing fast
How did you find this deal and how did you negotiate it?
I found this deal by living in the area and negotiated appliances only. It was below market price.
How did you finance this deal?
Mortgage
How did you add value to the deal?
Light value adds. New ceiling fans, paint the doors, fix floor boards, fix the fence, etc.
What was the outcome?
increased it's value $2,000 while only putting in about $500
Lessons learned? Challenges?
DO NOT get your mortgage with Wells Fargo. Made me close on the very last day with the seller almost backing out. Start young, I saved religiously for years and bought my first house a year ago at 21 years old. Finishing college this semester and will be working at Marcus & Millichap full time (commercial real estate brokerage firm). Age is just a number in real estate if you have the money anyone can play.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Again, DO NOT use Wells Fargo for your mortgage.