1st Rental property

6 Replies

Investment Info:

Single-family residence buy & hold investment in Port Saint John.

Purchase price: $135,100
Cash invested: $30,000

This was the first house my spouse and I purchased. It was a fixer upper and we put a roof, kitchen, flooring, and garage doors on the house.

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

Long term financial freedom

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

Looking for my first home

How did you finance this deal?

VA loan

How did you add value to the deal?

Sweat equity and $$

What was the outcome?

nice house, not complete yet though and still has some problems

Lessons learned? Challenges?

Don't rent to family or friends

Thank you Melissa! We're still currently renting to friends... I've had to go over to clean hair out of both bathroom tub drains..... We have a better lease for the next time though! :)

Nazakat -- You'll get there if you keep at it! We just lived in the house while we renovated and created equity and then needed to move. When we did that we arranged to have someone (Friends) rent out the house as we moved, this way the old mortgage didn't count against us in our monthly income vs debt. I think this is one of the better ways for youger people to get started, but I think we got lucky with the market in our area as well!

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