Updated about 4 years ago on .
Our First Home in GEORGIA
Investment Info:
Single-family residence buy & hold investment in Atlanta.
Purchase price: $180,000
Cash invested: $10,000
Sale price: $230,000
Bought our first home! Moved after one year due to military and held as investment. Ended up selling because it was difficult to manage after we settled in WA state.
What made you interested in investing in this type of deal?
It was a pre-foreclosure about to go to auction.
How did you find this deal and how did you negotiate it?
My RE agent gave me access to the MLS and I found it. No one was making offers in 2009.
How did you finance this deal?
Conventional. We did not have VA benefits yet.
How did you add value to the deal?
We fixed up the property cosmetically. New paint, light fixures and kitchen countertops.
What was the outcome?
We cash flowed for a few years then sold it to purchase our 3rd property.
Lessons learned? Challenges?
Our tenant trashed the property when he moved out. It was nasty!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes! Donna Charitat with Berkshire Hathaway was great!