Single-family residence buy & hold investment.
Instead of having my home sold I turned it into an investment property
What made you interested in investing in this type of deal?
I want to start working on my portfolio and I believe this was a great way to start getting myself into the business.
How did you find this deal and how did you negotiate it?
When I originally purchased my home It was a steal. The area comparable showed that it would be able to be sold at almost 200k When I first acquired the house the owners asked for 150,000
I brought them down to 132k total and was able to keep the American Flag with it lol
Upon which I decided to move back to CT - I decided to get the house appraised and rent it out.
How did you finance this deal?
I used a VA Loan
How did you add value to the deal?
New Roofing is being placed on the house. New Appliances, new bathroom
What was the outcome?
I make about 300 dollars profit from the investment home.
Lessons learned? Challenges?
When I first start renting out the property it was hard. Trying to find tenets that would take care of my house. Tried get friends in the house, which was a disaster - that is when I realized I am not meant to manage a home. As soon as I got a real property management company involved the house became so much easier to maintain.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
None really however, if you are in the market for having a property management company in Colorado look up All County in Colorado they are really great with handling majority of issues and their vendors are easy to work with.
@Sebastian McCall Congrats on your first rental! How long have you had the property for now?
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