Lived for 1 year and moved, got kinda lucky
4 Replies
Josiah Richard
Rental Property Investor from Indiana, PA
posted about 1 year ago
Investment Info:
Single-family residence buy & hold investment in York.
Purchase price: $162,000
Cash invested: $3,500
My wife and I originally purchased this house with a VA loan and put nothing down but some fees. We lived there for 1 year and then moved and have been renting it out since.
How did you find this deal and how did you negotiate it?
I had no idea what I was doing just like the house and figured it was a good area and would rent well when we had to move due to location.
How did you finance this deal?
VA loan as little down as possible.
How did you add value to the deal?
I didn't, it was a flip
Jabari Long
Real Estate Broker from Detroit, MI
replied about 1 year ago
@Josiah Richard the VA Loan product is very powerful! I'm not sure why it's not used more often.
Josiah Richard
Rental Property Investor from Indiana, PA
replied about 1 year ago
@Jabari Long , Honestly it was the only way we were able to start due to my wife being in college and me hitting he rest button on life after the military. But I was considering refinancing to lower my APR on the house and increase my cash flow slightly. Any advice if that's a good idea or not, considering the costs associated with refinancing?
Jabari Long
Real Estate Broker from Detroit, MI
replied about 1 year ago
It might make sense if you can get a no cost or low cost re-fi. Some banks here locally do it. You should check the banks in your neck of the woods.
Josiah Richard
Rental Property Investor from Indiana, PA
replied about 1 year ago
Ok, thanks for the input!
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