Updated about 5 years ago on . Most recent reply
My First Investment SFH
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $250,000
Cash invested: $14,000
This has been my first real estate investment that i purchased a couple years ago, still trying to figure out the next steps with the crazy Utah market!
What made you interested in investing in this type of deal?
My father has always had his hands in real estate with buy & hold as well as flips. the monthly cash flow he brought in made me realize a young age that it was something I wanted to do, to achieve financial freedom but to also make my money work harder than I do!
How did you find this deal and how did you negotiate it?
I found this deal with the help of my father who also happens to have his realtors license. I was young (20) and didnt really know the game but he was able to help find the deal and negotiate almost 20k of concessions.
How did you finance this deal?
I used FHA for financing due to DTI being tight, but refi out after 1 year to conventional
How did you add value to the deal?
I have added a fire pit and sprinkler system, both of which I have done myself, other than that the deal was pretty much turn key.
What was the outcome?
Everything has gone well thus far. currently house hacking and trying to make another move.
Lessons learned? Challenges?
My biggest challenge has been financing for the next deal sue to house hacking and having several different leases no lender will count the income currently working to overcome that hurdle.