Family Rental Home
Investment Info:
Townhouse buy & hold investment.
Purchase price: $165,000
This was a home purchased for a family member to live in. It was a long term equity play and not a cash flow investment.
What made you interested in investing in this type of deal?
It was the right price at the right time in the right location for the renter.
How did you find this deal and how did you negotiate it?
I found it on the MLS and negotiated the purchase myself. I was a licensed realtor at the time.
How did you finance this deal?
Traditional investment mortgage.
How did you add value to the deal?
Good credit.
What was the outcome?
The equity has grown and continues to grow. I've had a steady tenant in the home.
Lessons learned? Challenges?
I would not have refinanced and bundled in his closing costs.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Toni Gentieens from First Patriot Abstract at the time who is now with Quaint Oak Lending.
