My first rental property
Investment Info:
Single-family residence buy & hold investment in Georgetown.
Purchase price: $142,500
Cash invested: $29,000
It is 3 beds, 2.5 baths with almost 1700 sqft. I would call this house a B to B+ property.
What made you interested in investing in this type of deal?
When my wife was pregnant with my son, we decided to move to have more space. The local rental market was hot, so I decided to advertise it for rent instead of selling it. This house became the foundation and catalyst for my real estate business.
How did you find this deal and how did you negotiate it?
This house was my primary residence (starter home) for seven years.
How did you finance this deal?
I have a 30 year fixed mortgage with 20% down.
How did you add value to the deal?
Since I bought this property in 2008, when I started to rent it in 2015, I already had a decent amount of equity in the deal.
What was the outcome?
I've had three families in the house, each with two year leases. I've not had a late payment or any damages (knock on wood).
