My very first deal.
Investment Info:
Single-family residence buy & hold investment in Naples.
Purchase price: $112,000
Cash invested: $20,000
Sale price: $290,000
Bought the house as a primary residence, was a bank owned, fixed by my self, hold it and sold it.
What made you interested in investing in this type of deal?
It was a good deal, I have the opportunity to buy it with no money down, at the time prices was moving up.
How did you find this deal and how did you negotiate it?
I researched the area, a lot of Zillow search on the price range I was looking for.
How did you finance this deal?
I use a rural development program together with a FHA loan.
How did you add value to the deal?
By fixing the house. And holding it for a 6 years.
What was the outcome?
I got the house, worked. Lot of hours to get it were I went it, hold it and sell it for almost $70K profit.and use it to buy my current house for $390K, but only own $219K.
Lessons learned? Challenges?
Find a good realtor that really want to work for you. Never use a realtor because you know him as a person, learned my lesson next time I will do some research before I hire somebody.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I did work with a realtor but I don’t recommend him.
@Yoel Reinoso
Congrats!
@Yoel Reinoso great success on your primary residence!
You're 100% correct - don't use agents just because they're your friend or relative. You need to find a professional. There's too much money at stake not to use professionals.
I would also extend that to CPAs and financial advisers. They can cost you thousands of dollars so find a professional.
Again, great success and best of luck on the next deal!
Amazing job on your first deal, and what a great profit! I wish you many many more.
Did you mention you found this property on Zillow? I'm easily on zillow for hours on a weekly basis researching and browsing, I find it to be one of the the best free RE sites that one doesn't have to pay for or be a RE agent.
@Angie Williams yes I did found it on Zillow, I did a lot of research on both house I found and called my realtor to investigate. It is a good site to search, but I haven’t find any good investment deal on it.