Residential Rental 1 Mankato
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $180,000
Cash invested: $42,000
Purchased 2 duplexes on the same parcel, with 2 partners.
What made you interested in investing in this type of deal?
I was 25 years old, had just purchased my first home and really wanted to find a rental in a specific part of Mankato that I knew the city would be revitalizing in the future. I also just loved this part of town!
How did you find this deal and how did you negotiate it?
Found the property through a friend.
How did you finance this deal?
Commercial loan with 20% down.
Lessons learned? Challenges?
Never buy a property with partners without having everything in writing from the get go! Hard lesson, but very valuable!