Updated over 2 years ago on .
First Rental Property
Investment Info:
Condo buy & hold investment.
Purchase price: $46,350
Cash invested: $7,500
Currently getting $1,600/month rent
What made you interested in investing in this type of deal?
I wanted some passive income that would be easy for me to manage.
How did you find this deal and how did you negotiate it?
I found it on the HUD website. I originally lost my first bid but they told me what they would take as a counter. When the first deal fell through, I gave them the counter because the numbers worked.
How did you finance this deal?
I actually took out a home equity line of credit and I just paid it off.
How did you add value to the deal?
I put in a new bathtub, new flooring, and added a linen closet.
What was the outcome?
It’s been great so far! All my tenants have been excellent and usually only move because I help them buy a home of their own as their Realtor.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes…ME! LOL