Updated almost 4 years ago on . Most recent reply
Racine, Wisconsin Property
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $20,000
Cash invested: $10,000
Rental Property
What made you interested in investing in this type of deal?
It was cheap.
How did you find this deal and how did you negotiate it?
I was anxious to get into real estate, and I lived with my parents so I called the seller. Seller was motivated.
How did you finance this deal?
Seller financed with 7k down, and the rest to be paid off within a year.
How did you add value to the deal?
I remodeled the home.
Lessons learned? Challenges?
It was a lot of work.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No.
Most Popular Reply
@Justin Woodworth Thanks! It worked out pretty well for my first deal, not knowing what I was doing. I recently got a HELOC out of it, the credit union appraised it at 50k with their own calculator. Not that great, but I collect 700 a month on rent.