First investment property

[Pavan K.]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $594,000
Cash invested: $153,000

Closed on my first investment property,A single family residence of 3000sqft ( +another 800sqft unfinished basement) on a 0.25 Acre lot.

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

Newer community with 40 more single family homes to be built ( out of 75 homes ). This city is just starting to expand with lot more newer builds coming soon and also closer to my primary home . Primary goal was appreciation .

How did you find this deal and how did you negotiate it?

Was primarily looking into newer constructions. I understand I could buy a multi door property , I didnot want to deal with rehab/ repairs nor do I have the experience at this point

How did you finance this deal?

Conventional loan with builders mortgage.

How did you add value to the deal?

None really .Just made sure I chose the right upgrades if I ever want to sell it in future.

Lessons learned? Challenges?

It's a wait n watch situation. Finding renters with rents north of $3500 for this size of property could take it's time. It's a risky investment . Have to see how I progress myself.
There was always a dilemma between townhomes vs Single family as invest property.