Updated about 5 years ago on . Most recent reply
First Deal Ever! Take Immediate Action!!
Investment Info:
Single-family residence buy & hold investment in College Park.
Purchase price: $365,000
Cash invested: $30,000
First Property, used FHA, owner-occupied, student rentals by the room!
What made you interested in investing in this type of deal?
College Park Market is one of the few markets where 1% rule can be followed within 1 hour radius of me!
How did you find this deal and how did you negotiate it?
Previous contract fell through, but my agent knew the listing agent. Slid in before anyone else could put more offers in! Took asking price of $365k. Appraisal came in $10k higher!
How did you finance this deal?
Thanks to FHA and my dad cosigning! I am 21 years old with my first deal!
How did you add value to the deal?
Bought as 4bd/2bth. Installed Egris in basement is now 5bed/2bth!! (legally 6bed/2bth, but zoning laws only allow 5 unrelated people living together).
Estimated worth @ $380k-$400k based on comps from $1,500 of work!
What was the outcome?
Fully rented, generating $3200/month
PMI cutting into bottom line , overall $400 cash flow after capex, repairs, & vacancy
