First real estate purchase for end user turned into rental and sold

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First real estate purchase for end user turned into rental and sold

Kevin GoldmanPro Member
Real Estate Agent · Los Angeles · Member since 2024 · 12 posts · 13 votes

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $440,000
Cash invested: $300,000
Sale price: $1,100,000

I bought this home with my brother in 2009, I bought him out a few years later I began renting it out in 2017 and just recently sold it.

What made you interested in investing in this type of deal?

It was an amazing deal, I never planned on renting it out but it netted me between $4,000 a month and up to $5200 a month the lat year and a half.

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James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
2y
Quote from @Kevin Goldman:

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $440,000
Cash invested: $300,000
Sale price: $1,100,000

I bought this home with my brother in 2009, I bought him out a few years later I began renting it out in 2017 and just recently sold it.

What made you interested in investing in this type of deal?

It was an amazing deal, I never planned on renting it out but it netted me between $4,000 a month and up to $5200 a month the lat year and a half.


2Reply
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  • Ethan Gidcumb
    Lender · San Diego, CA · Member since 2022 · 130 posts · 75 votes
    2y

    That's a nice return! Have you done any other investments and do you have any strategies you plan to follow when it comes to investing in the future? 

    0Reply
  • Kevin GoldmanPro Member
    OP
    Real Estate Agent · Los Angeles · Member since 2024 · 12 posts · 13 votes
    2y

    the money is currently in an account getting me 5% untill i make a decision...  I'm looking at investing out of california at nevada, ohio, alabama, arkansas maybe florida...  Trying to find that 1% RTP, after now losing the $5200 a month I was getting.  The property was owned with no debt so it was all cash flow.  I want to find something that will be the same situation... My friends in Toledo are getting are getting 1% monthly RTPS on almost all of their 22 investment properties there...  the only downside is the appreciation outside of California sucks.

    1Reply
  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    2y

    Nice! Congrats @Kevin Goldman !

    0Reply
  • Greg ParkerBusiness Member
    Realtor, Contractor, Property Manager · Montgomery AL and Kowaliga, AL · Member since 2017 · 669 posts · 536 votes
    2y

    Very nice!  Look into Montgomery, AL.  Second lowest property taxes in the nation behind Hawaii.

    Montgomery county tax estimate formula is: appraised value x 20% (without homestead) x .0365

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  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    2y
    Quote from @Kevin Goldman:

    Investment Info:

    Single-family residence buy & hold investment.

    Purchase price: $440,000
    Cash invested: $300,000
    Sale price: $1,100,000

    I bought this home with my brother in 2009, I bought him out a few years later I began renting it out in 2017 and just recently sold it.

    What made you interested in investing in this type of deal?

    It was an amazing deal, I never planned on renting it out but it netted me between $4,000 a month and up to $5200 a month the lat year and a half.


    2Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    2y
    Quote from @Kevin Goldman:

    Investment Info:

    Single-family residence buy & hold investment.

    Purchase price: $440,000
    Cash invested: $300,000
    Sale price: $1,100,000

    I bought this home with my brother in 2009, I bought him out a few years later I began renting it out in 2017 and just recently sold it.

    What made you interested in investing in this type of deal?

    It was an amazing deal, I never planned on renting it out but it netted me between $4,000 a month and up to $5200 a month the lat year and a half.


     Congrats on the deal! I am hoping to find something like this in Ohio

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  • Sean O'KeefePro Member
    CPA | Accepting new clients | 50 States · Member since 2022 · 1k+ posts · 871 votes
    2y

    Following - I'm based in California

    [email protected]628-241-0888
    0Reply
  • Ethan Gidcumb
    Lender · San Diego, CA · Member since 2022 · 130 posts · 75 votes
    2y
    Quote from @Kevin Goldman:

    the money is currently in an account getting me 5% untill i make a decision...  I'm looking at investing out of california at nevada, ohio, alabama, arkansas maybe florida...  Trying to find that 1% RTP, after now losing the $5200 a month I was getting.  The property was owned with no debt so it was all cash flow.  I want to find something that will be the same situation... My friends in Toledo are getting are getting 1% monthly RTPS on almost all of their 22 investment properties there...  the only downside is the appreciation outside of California sucks.


     I can understand that. Afterall, the midwest states are known for their cashflow but also the potential for slower appreciation. Overall, if that fits your desired situation, Toledo could be a great place to reinvest!

    1Reply
  • Engelo RumoraBusiness Member
    Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
    2y
    Quote from @Ethan Gidcumb:
    Quote from @Kevin Goldman:

    the money is currently in an account getting me 5% untill i make a decision...  I'm looking at investing out of california at nevada, ohio, alabama, arkansas maybe florida...  Trying to find that 1% RTP, after now losing the $5200 a month I was getting.  The property was owned with no debt so it was all cash flow.  I want to find something that will be the same situation... My friends in Toledo are getting are getting 1% monthly RTPS on almost all of their 22 investment properties there...  the only downside is the appreciation outside of California sucks.


     I can understand that. Afterall, the midwest states are known for their cashflow but also the potential for slower appreciation. Overall, if that fits your desired situation, Toledo could be a great place to reinvest!



    Did someone mention "Toledo"? haha

    Toledo is a cashflow and volume play.

    It's a slow mover during boom cycles and takes 10+ years to catch up to other markets when it comes to appreciation but eventually it does.

    Just like it did the last few years when folks ran out of deals on the East Coast and West Coast.

    Everyone started stampeding Toledo.

    Happy to have everyone tho so keep coming 🙏
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