1st Rental Ever! Here we go!
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $452,000
Cash invested: $42,000
Bought for a rent by room play. House is 10 minutes from 5 colleges. GCU, GCC and ASU West being the most notable.
What made you interested in investing in this type of deal?
Cash Flow for relatively low entry fee in my opinion.
How did you find this deal and how did you negotiate it?
Realtor - negotiated some closing costs and some small repair for about $11k.
How did you finance this deal?
Conventional
How did you add value to the deal?
Adding 4 rooms for a total of 8 rent by room model
What was the outcome?
WIP - 1st week in Oct it should be done.
Lessons learned? Challenges?
Never close near the end of the week, even Thursday. I will try and close in the beginning of the week if possible.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Heck yah. Stephen Gomez in Arizona was awesome. He is an investor himself and actually has properties in my same area. https://www.stephenfgomez.com/
Most Popular Reply
Trust me, rent by the room is more like multi family than you would think. You still have to manage multiple units, but you also have the added challenge of tenant relations manager. The experience you will gain in invaluable. You can do it. You have my full confidence.