Second Rental (Large)
Investment Info:
Single-family residence buy & hold investment in Norfolk.
Purchase price: $307,500
Cash invested: $3,695
6 Bedroom, 5 Bathroom Renovated Single Family Home.
What made you interested in investing in this type of deal?
I wanted to experiment in the college rental scene in Norfolk near Old Dominion University. I figured since students like to live in a house with all of their friends this would suffice well.
How did you find this deal and how did you negotiate it?
I found it driving and saw that it was on the market for 120 days, so I negotiated it from 320,000 to 307,500
How did you finance this deal?
VA Loan 0% Down
Lessons learned? Challenges?
No one found out that there was no CO for the property. I left for deployment a couple weeks after closing and found out when trying to hand it over to the property management agency. That left me with the property and no renters for my 6 month deployment. I learned all of the ins and outs when it comes to the City of Norfolk and getting a CO.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Sherry Reid of TowneBank. The best lender you can ever ask for, highly recommend!