Updated over 2 years ago on . Most recent reply
First time landlord + first live in flip
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $325,000
Cash invested: $70,000
After listening to 103 episodes of the BP podcast here we are
This property was bought turn key at the start of the pandemic when prices haven’t risen drastically yet, but interest rates were still crazy low - it was our primary residence until we bought our first live in flip.
I know I probably should have started posting in the forums during Josh and Brandon’s first pleases on the podcast, but we’re finally here! Looking forward to a lifetime of buy and holds + live in flips to come!
What made you interested in investing in this type of deal?
I’ve been dreaming of a 100 property buy and hold portfolio since I was in high school, and this is our first step towards that! Let’s see if we don’t hate the three T’s, and if that’s the case, there’ll be more to come!
How did you finance this deal?
Conventional mortgage, 2.2% @ 20% down
How did you add value to the deal?
Added solar panels and L2 charger! Admittedly, this was a “we expect to live here for a while” decision, but half of it was already repaid as tax credits, and hopefully we’ll recoup the rest with tenants that are more willing to stay… I’ll keep you posted if that’s the case.
What was the outcome?
We’ve moved out and started to screen our first tenants - if we include 1% for capex and opex each + 10% vacancy + 10% property management, at current market rent we break even. We’ll be managing the property ourselves + it was newly renovated, so we hope that we’ll be a bit more profitable than break even for the time being.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Jackie Venezio and Katie Jaffe are absolutely great agents, especially with helping us through the tenant screening process!