Updated almost 7 years ago on .
First Property Purchase
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $69,900
Cash invested: $12,000
Sale price: $71,500
This is my current residence. I'm going to Airbnb it, and renovate it over time. First order of business is replacing the backyard fence, which is falling apart.
What made you interested in investing in this type of deal?
It was my first ever property purchase. Based upon the first days of our great constitutional republic, before you could vote or participate in the goings on of government processes, you needed to own property. Additionally, this property was 0.3 miles away from my local church, priced right, in a decent working-class location, and relatively well-maintained. It was a good first purchase.
How did you find this deal and how did you negotiate it?
I found it on Zillow. I didn't really negotiate the price, which I regret slightly. Though it was a hot deal that many people were making offers on, and very quickly.
How did you finance this deal?
Conventional loan with 10% down. 3.85% interest.
Lessons learned? Challenges?
Find a real estate agent that works real estate for a living, rather than a hobby. The agent I worked with is someone I love and appreciate (she's a strong Christian and member of my community of churches), but not the best agent for negotiating. But who knows? I could be wrong and the decision was the best one that could have been made.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
1. Current Real Estate Agent: Colleen Carr of Dayton, OH. She is incredibly good at what she does, and will do everything in her power to get you the best deals on the market for your business model.
2. Phil Forbes Mortgage Broker: He has consistently gotten met the best possible rates on mortgages, a morally upright man who is very competent at what he does.
