Single-family residence buy & hold investment.
Purchase price: $68,000
Cash invested: $2,500
My first home purchase technically started my real estate investment journey back in 2008. I purchased a 3/2 SFH with the intentions of eventually making this my first rental investment property. A wife, 2 kids, and 5 years later that finally happened and we have been renting this property out since 2013. We have since relocated to Houston, TX but continue to pursue real estate in the Atlanta, GA area as we both grew up there and know the Atlanta market pretty well.
We had a long term investor in the property for 5 years and it finally turned over for the 1st time this past summer. We were fortunate to get a new tenant back into the property in less than 60 days at a 15% rent increase from the previous tenant!!
What made you interested in investing in this type of deal?
The market had just crashed and I was looking for a property where I could buy low but was still in an area where I would be comfortable living in the property.
How did you finance this deal?
This was my first home purchase so I was able to purchase it through FHA for only 3.5% down!
Lessons learned? Challenges?
Biggest lesson is to do a better job vetting the PM company. Everything was going well when we had tenants but the process of the property turning over was very rough with our current PM company. Either they have horrible subs they use or they did the work themselves and pocketed some of the money...
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