First rental property
Investment Info:
Single-family residence buy & hold investment in Albany.
Purchase price: $43,000
Cash invested: $8,600
First rental, 3/1 with large shed and yard studio apt
What made you interested in investing in this type of deal?
Talking with a good friend about how he became a millionaire then researching how to buy rentals on YouTube.
How did you find this deal and how did you negotiate it?
Found this deal on Facebook marketplace
How did you finance this deal?
Unfortunately I had to sell my boat to get the down payment.
How did you add value to the deal?
I bought the house in a great neighborhood and it was undervalued.
What was the outcome?
First 2 months rent covered the rehab but now it should start to cash flow
Lessons learned? Challenges?
Find a great rental manager when getting started.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Jackie Dixon with One Key Reality