Townhouse Rental - Investment
Investment Info:
Townhouse other investment.
Purchase price: $1,800,000
Cash invested: $18,000
Purchased this in 2016, spent about $11K on remodel and it has been rented since.
What made you interested in investing in this type of deal?
Just starting off my real estate investments after a divorce and the price was too good to pass up.
How did you find this deal and how did you negotiate it?
Found on the internet when looking for investment opportunities.... one of the real estate sites.
How did you finance this deal?
Paid cash.
How did you add value to the deal?
Kitchen remodeled, painted, cleaned up the one bathroom nicely as well as the yard.
What was the outcome?
Sill rented to the same tenant. I accepted a Section 8 voucher and Section 8 pays on time directly to my account each month. They do annual inspections which can be a bit annoying but it is beneficial to myself and the renter to see any issues that may have arisen.
Lessons learned? Challenges?
It is important to keep up with the rental market. I have failed in this area thus the home is currently renting below market value especially after COVID when rents increased.