Updated over 4 years ago on . Most recent reply
First Investment With the help of Family!
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $58,000
Cash invested: $15,000
Brought in 2 family members. All 3 of us put up $5,000 for down payment and small repairs. We were not looking to strike it rich off this first deal. The whole purpose was to get started and build a system with very low risk.
What made you interested in investing in this type of deal?
The price was right, with very minimal work.
How did you find this deal and how did you negotiate it?
Found on Zillow, Contacted a Real Estate agent I knew in the area, looked at it quick and submitted an offer.
How did you finance this deal?
Traditional Loan through local bank. 20% down.
What was the outcome?
We learned a lot, and the property cash flows $200