Updated 2 months ago on .
First Home Turn Rental
Investment Info:
Single-family residence buy & hold investment in Spring Lake.
Purchase price: $76,000
Cash invested: $76,000
Bought in 2016 as our first home near base using a VA loan with plans to rent later. Added value with a new deck, fresh paint, flower beds, and minor repairs. Rented in 2018 for $950, now nearly $1,400. Learned the importance of a good property manager for long-distance ownership and how targeted upgrades boost rental appeal. Steady cash-flowing asset with consistent demand from the nearby military base.
What made you interested in investing in this type of deal?
We bought 1110 Vass Road in 2016 as our first home using a VA loan, choosing it for its proximity to base and strong future rental potential. From the start, we saw it as both a comfortable personal residence and a long-term investment we could rent out when we moved.
How did you find this deal and how did you negotiate it?
With a local agent and help from other investors.
How did you finance this deal?
VA Loan.
How did you add value to the deal?
We built a new deck, refreshed exterior paint, and added flower beds to improve curb appeal. Along with minor repairs, these updates made the home more attractive to renters and helped maintain strong occupancy.
What was the outcome?
When we moved in 2018, the home rented for $950 per month. Over time, demand and improvements allowed the rent to increase to nearly $1,400. It became a steady cash-flowing property in our portfolio, providing income and equity growth.
Lessons learned? Challenges?
Lessons Learned - Targeted upgrades and buying near a military base create strong rental demand. The right property manager is key for smooth long-distance operations.
Challenges - Finding a reliable property manager took time, but once in place, it ensured tenant satisfaction and reduced the stress of managing from out of state.