Updated over 2 years ago on . Most recent reply
First Buy & Hold Investment Property
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $140,500
Cash invested: $71,000
Purchased using a conventual loan and hire a GC to completely rehab the property. Rented to first tenant with $700 cash flow. Refinanced after one year of holding and pulled out $35k. Cash flow went down $100 but established a emergency fund for the property/LLC.
How did you find this deal and how did you negotiate it?
Zillow and used my local realtor's experience in the Portsmouth market.
Lessons learned? Challenges?
Second tenant lied on the applicaiton process with my PM. Eventually had to evict and they caused $8.5k in damages, insurance covered 90% of costs. Lost rent for three months and had to hire an eviction attorney.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
HIGHLY recommend Alexander Pilat as your agent in the 757!
