1st rental property

3 Replies

Investment Info:

Single-family residence buy & hold investment in Dewey.

Purchase price: $17,500
Cash invested: $5,000

Purchased out of necessity. It was either in-laws move in with us or I buy a house and rent it to them for cheap.

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

Brianna Gore local agent

Originally posted by @Brian Gerlach :

@Nathan Hughes wow, $17,500? What is the rent on that property? 

 Well it has a story behind it. Lol It was a foreclosure. I rent it out to my in-laws and one of them is disabled. They had fallen into some rough times and needed help. It was either they move in with us or I find them a place they could afford. I talked to my relator and told her to find something I could pay cash for and needed some TLC. The next day she called me. We looked at it and made a cash offer against 10 or more offers. We gave the bank what they wanted for it and the rest of the offers we're all low ballers. It was on the market for 28 hours. It took 52 days to close on it. (The longest closure I've ever had and I had cash in hand) turns out the banks relator was the one dragging it out because she wasn't making much off the house. I rent it for 400 plus utilities.  Until today the only thing Ive done to it was replace the electrcal in the house before they could move in. Today I had my brother come over and we replaced the main water line to the house. I have a few other plumbing issues to take care of this summer also. Over all  it hasn't been a bad house. 

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you