Our First Rental Property... 18+ Years Ago (Photo Added)

[Robin Carriger]

Investment Info:

Single-family residence buy & hold investment in Watauga.

Purchase price: $63,000
Cash invested: $7,000

Contributors:
Cindy Carriger

This house rented for $875.00/mo back then. Now it's worth more than twice that and cash flows $700.00+ per month after ALL expenses. Persistence pays off! :-)

What made you interested in investing in this type of deal?

Long-term cash flow & Financial independence

How did you find this deal and how did you negotiate it?

Motivated seller called from a postcard that was part of a targeted mailing

How did you finance this deal?

30-yr fixed loan with a private lender

How did you add value to the deal?

It's been too many years to remember the full details of the rehab, but it cost several thousand dollars.

What was the outcome?

It's appreciated significantly, and we're still renting it.

Lessons learned? Challenges?

Lots of lessons learned over the years...
- Don't do the rehab yourself. Hire honest, experienced contractors, and let them do what they do best.
- Personal referrals are best, but you still have to vet them (easier said than done).
- Home warranty policies are a mixed bag.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Not on this one