Updated almost 5 years ago on . Most recent reply
FIRST DEAL EVER AT 21YO
Investment Info:
Mobile home buy & hold investment in Grand Junction.
Purchase price: $86,000
Cash invested: $10,000
House-hack. Renting out the two rooms individually on month to month leases while rehabbing the property.
What made you interested in investing in this type of deal?
Colorado is a high market. I'm young so I'm starting from the bottom. Property cash flows almost $400 right now. Will be more when the whole house is rented.
How did you find this deal and how did you negotiate it?
MLS searching for about a year and a half.
How did you finance this deal?
Through my own institution. 90-10 plus closing costs.
How did you add value to the deal?
Working on renovations over the next two years. Major projects include irrigation repairs, landscaping, roof-over, swamp cooler, and minor rehabbing.
What was the outcome?
Current Project
Lessons learned? Challenges?
Ongoing every day lol
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Taylor Knight from Coldwell Banker Distinctive Properties