All Forum Posts by: Jeremy Weight

@Samara Huntley You will love the powder here, it is awesome!

Thanks Marlen!

Yes that about sums it up Padric

Thank you!  Yes it worked out pretty good for a first investment.  I am in Salt Lake Utah and you?

Investment Info:

Single-family residence buy & hold investment in American Fork.

Purchase price: $300,000
Cash invested: $45,000

Subject to existing mortgage purchase with 45,000 cash down from HELOC (none of my own money). Terms are to refinance in 1 year unless negotiated for longer period of seller financing.

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

The price and terms we agreed upon were very attractive and we were able to solve the sellers problem of equity that had to be paid to ex spouse

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

Word of mouth. Negotiated it by sitting down with the sellers and using consultation skills to inquire what they needed and what will work out best for them.

How did you finance this deal?

Seller financing and used HELOC for down payment and repairs (none of my own money)

How did you add value to the deal?

We updated by painting most of the home, new white finish on cabinets, new dark finish on bathroom cabinets, new carpet in bedrooms, new flooring in one of the bathrooms, finish build out for mother in law basement apartment, new tile in kitchen of mil basement, new appliances, new countertop with granite top look paint kit. Cleaned up yard. Most of the work was done by my wife and I with the exception of the carpet and tile though we did do the grouting.

What was the outcome?

We are now renting it out and will hold on to it for the long term.

Lessons learned? Challenges?

If doing a buy and hold, there is not a need to remodel the whole place as if looking for a buyer. We put more than necessary work into the place and it was stressful for me, my wife and hard on our marriage. We will only put in enough work to make it marketable for renting.

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

We worked with Fidelity Title to do the closing

Investment Info:

Condo buy & hold investment.

Purchase price: $76,300
Cash invested: $2,289

2 bed 1 bath 860 sq ft condo

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

My first investment property.

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

Through a real estate agent and HUD program

How did you finance this deal?

1st time home purchase through FHA loan 3% down

How did you add value to the deal?

New Carpet, Paint and minor repairs

What was the outcome?

Super easy to rent, very low maintenance and doesn't take much of my time.

Lessons learned? Challenges?

HOA's can be a bit of a challenge in that I don't feel I get my monies worth for the monthly fee. I am sure I could stretch that money out a lot better than the HOA does.

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

I worked with Charlotte Eastman