1st house and possibly my entry into real estate investing

[David Thoeny]

Investment Info:

Single-family residence other investment.

Purchase price: $55,000
Cash invested: $100,000

1 bed (possible to make 2) / 1 bath on 2 acres.

What made you interested in investing in this type of deal?

Bought this house 11 years ago (age 23) with the intention to fix myself, to live in. Girlfriend (now wife) got pregnant so we were forced to live in it unfinished. We left the house after a few years and the house has been vacant since 2014. This house is already paid in full. Though I believe I will lose money on this house, I want to begin finishing this house so I can sell it to use towards better investment properties. This will be my entry and foundation of my real estate investment career

How did you find this deal and how did you negotiate it?

Was young with no strategy.

How did you finance this deal?

Cash

How did you add value to the deal?

I don't think I have yet

What was the outcome?

Ongoing

Lessons learned? Challenges?

Never bite off more than you can chew and if your mind isn't invested, don't invest your money

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No