Sold my first deal

[Arion Williams]

Investment Info:

Single-family residence buy & hold investment in Royal Oak.

Purchase price: $210,000
Sale price: $290,000

3bed 1 bath bungalow.

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

This was a primary residence that I converted to a rental.

How did you add value to the deal?

New carpet, paint, landscaping

What was the outcome?

I made money on the deal, but if was a money-pit waiting to happen.

Lessons learned? Challenges?

Maintenance and upkeep can kill cash flow. Older homes, while charming and full of character, come with knob & tube electrical, crumbling main sewer lines, garages that need attention, etc... When I sold, I was upfront with the condition of the home and what changes/updates would be required. Even had a few quotes to get the buyer started.

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

yes.

[Denise Supplee]

Converting a primary into a rental is a great way to learn quickly, and you nailed one of the biggest lessons early: older homes can look fine on paper but quietly drain cash through maintenance. Being upfront at sale and even providing quotes shows professionalism and builds trust, that mindset will serve you well as you move into your next investment.