Updated over 5 years ago on . Most recent reply
First investment was my first home.
Investment Info:
Single-family residence buy & hold investment in Morrow.
Purchase price: $122,700
Cash invested: $10,000
First home, minor updates, new HVAC and Roof over time - converted to rental
What made you interested in investing in this type of deal?
Great advice I got early on was to define my rental demographic and my first home I purchased years ago does not fall into that criteria 100% but close enough. Rentals in the area are bringing in enough to cover the costs, and property value went up and was able to cash out refinance easily with 20% equity.
How did you find this deal and how did you negotiate it?
MLS
How did you finance this deal?
FHA Loan refinanced to conventional
How did you add value to the deal?
being mindful and taking care of the home over time, it was move in ready at the time and replaced roof and HVAC system when needed, planning to update/replace HW soon.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Initially yes, and now I am an agent and will be managing that going forward, and my lender was amazing, helped me find a loan that worked for the cash out refinance, and asked very few questions.