Updated over 5 years ago on . Most recent reply
First home at 20 years old
Investment Info:
Single-family residence other investment.
Purchase price: $180,000
Cash invested: $11,000
Sale price: $269,500
This was the 1st property i purchased. was house hacked for 2 years and then sold.
What made you interested in investing in this type of deal?
The monthly payment on this townhome was cheaper than renting a luxary apt. that my partner wanted to move into. Decided to get into my 1st deal.
How did you find this deal and how did you negotiate it?
Was driving around town after being pre approved for a loan. saw a sign up for a house that was for sale. Called realtor and asked him to look into house. Turned out the house was already pending but there was another townhome in the same community. that was about to go up for sale. Went and saw it and immediately put offer in and got accepted.
How did you finance this deal?
Tried FHA but because this was a flip that hadn't been owned long enough i was not able to use it. Ended up doing a 30 year conventional loan.
How did you add value to the deal?
Only had to Paint walls white, clean carpets and replace refrigerator
What was the outcome?
made money and got bit by real estate bug
Lessons learned? Challenges?
Learned that i could make more money on one deal in real estate, then by working at my 9-5 job for 2 years. Dealing with complaining neighbor and dealing with HOA.