My 1st Real Estate Investment so far.

[Michael Kopa]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $139,000

A Single Family Home in Huber Heights (suburb of Dayton), Ohio. A 1,339 sq ft 3 bedroom, 2 full bath home with a 2-car garage. I purchased this home in December 2019 and lived in it until my work moved me to a new location in February 2023. I began renting it through a local Ohio Property Management company since then.

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

I am an Active Duty Air Force member so I move around a lot. Before moving to Dayton Ohio I had educated myself on real estate investing and it was my goal to buy a home in Dayton for $140K or less to turn into a long-term rental property to establish long-term passive income. At the time it was a great deal at $139K for 3 beds, 2 full bath, and a 2 car garage, especially as I knew I would be living in it for at least 2 years before moving to a new Air Force assignment.

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

I used a Realtor through Wright-Patt Credit Union when I applied for my VA Loan to purchase the home. I negotiated the price down from $145,000 due to issues found in the septic lines that showed remnants of roots.

How did you finance this deal?

I used a VA Loan through Wright-Patt Credit Union.

How did you add value to the deal?

N/A

What was the outcome?

I purchased it at $139K, lived in it for just over 3 years, and started renting it through a small Property Management company in Dayton Ohio starting in April 2023.

Lessons learned? Challenges?

I have had many challenges with my Property Management company not being responsive to emails, or returning phone calls and voicemails I've left. They are notoriously difficult to get ahold of and I am currently stationed overseas outside of the USA, far away from Dayton Ohio. I've had 2 tenants so far both for only 1 year at a time, so finding a long-term tenant and a reliable property manager has been my biggest challenges so far.

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

I can't say I would go out of my way to recommend anyone in particular.