First Home turned investment property

[Peter Bendorf]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $245,000
Cash invested: $20,000

My first property, I lived here and kicked it over to a short-term rental manager after a year

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

Low cost of entry, I purchased on a VA loan and the interest rate was low still. Newer built home, I knew it would be fairly low maintenance to start out with.

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

I used a real estate agent that knew the area.

How did you finance this deal?

VA Home Loan

How did you add value to the deal?

It is a split level home, the basement was fairly small so I added a door at the hallway to turn it into the master bedroom with a private bathroom.

What was the outcome?

It does well enough on short term rental that it pays for itself and I net around $12k/year on it. This allows me to invest in other properties without using my own income.

Lessons learned? Challenges?

Short term rentals are intense, I would not want to do them without a property manager.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Shelly Helton (real estate agent). Matt Pesler - Grand Welcome of Cincinnati and Northern Kentucky (property manager)