My first buy and hold

2 Replies

Investment Info:

Single-family residence buy & hold investment.

Single family dual masters 2br/2ba in Goose Creek

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

This was my first deal, so I definitely didn't apply the skills that I've since learned in Bigger Pockets. I bought a SFR with a VA loan for 111,500. PITI is 625. I lived in the house for six months before I got orders to Florida. I now rent it out for 1150.

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

I used an agent. The biggest thing that attracted me to the house was that it was significantly less than most areas in Charleston. While other naval officers were paying 1100-1200 in rent, I was paying half the price.

How did you finance this deal?

VA loan

How did you add value to the deal?

Mmmm... I don't know if I did this part as much

What was the outcome?

I make about $500/mo

Lessons learned? Challenges?

Property managers are difficult to find in the Charleston area

Cool! Congrats. Don't forget to add in for vacancy, repairs, etc. Probably cash flowing more like 200-300 with that but still sounds like a sound investment in a growing area. I would imagine you'll benefit from appreciation over time.

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