1st Rental Ever! Here we go!

[Jarrod Ochsenbein]

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/

[Jarrod Ochsenbein]

Quote from @Breanne Weber:

Congrats. Way to take the leap!

 Thanks Breanne - For me this is just a way to generate cashflow until I can get into Multifamily. I do want to get to multifamily sooner, so I am merging the two in a way. This house is going to be a rent by the room play.  I know it isn't true multifamily, but the cost to entry was easier. :)  My next house may be a 4 plex and then on to true multifamily.  Time will tell.