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So during our first year of marriage, Matt and I decide we should probably try to buy a house to renovate and rent out. Somehow, I talked him into this. I had about $10k saved and he had about $20k, so we called up our realtor and started looking at properties in the $30k range. Of course these were all terrible. Our realtor suggested we use our money for a downpayment to finance the purchase of a rental. Somehow, this had not really occurred to me, or I didn't think a bank would give a loan on a rental. 🤷‍♀️

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After switching gears on my search, I found this cute house on Xome.com (HomeSearch.com back then in 2015). My realtor took me for a tour and explained the online bidding site. I did some research on the site as well - sometimes you can be bidding against a robot up until the reserve price. So the auction time came and I started bidding. Eventually the robot stopped outbidding me even though I had not reached the reserve. I won that auction below reserve price.
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When financing a purchase from Xome.com, you had to get pre-qualified with their lender Nationstar Mortgage (they go by Mr. Cooper now). I ended up deciding to use them for the loan. I don't recall really shopping around - someone was going to give me money to buy a house! 🎉 The purchase price was $89,985 so with 20% down + closing costs, I had a house for just under $21k !! A 1628 SF house in a nice neighborhood!! 🎉🎉 This was a convential loan at a 5% interest rate. This left me money to renovate!
#xome
#foreclosure
#incomeproperty
#investmentproperty
#realestateinvestor
#buyandhold
#brrrrstrategy
#brrrr
#fliptorent
#biggerpockets
#letsbuildsomedreams
#realestaterookie

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