Updated almost 6 years ago on . Most recent reply
First Investment Property
Investment Info:
Other buy & hold investment in Milford.
Purchase price: $175,000
Cash invested: $1,000
Mixed use building, currently blocked off from street access by illegal fence put up after a dispute between the previous owner and a neighbor. First floor, retail space in need of very heavy renovation. Second floor 1 br apt with tenant already in place.
What made you interested in investing in this type of deal?
It's my first deal, and after much analysis and patience I was able to strike what I hope is a great deal. Ideal location, amazing price.
How did you find this deal and how did you negotiate it?
saw for sale by owner sign while walking down the street and immediately called. It took 4 months to finally agree on a price.
How did you finance this deal?
equity line of credit enough to cover purchase and $100,000 in repairs
How did you add value to the deal?
repairs and will petition city for an easment behind the property
What was the outcome?
still pending
Lessons learned? Challenges?
so far, I'm just learning these initial processes. dealing with lawyers and the varying expectations of all the parties involved