Updated 2 days ago on .
Rental Property #9
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $210,000
Cash invested: $5,000
I bought this property with a flashlight and at night. I wouldn't advise this. This is when I was at an aquisition pace of 1 property per year on average.
What made you interested in investing in this type of deal?
It was Dec and I had a goal to buy something by the end of the year so I looked at 6 properties on market that night and picked this one.
How did you find this deal and how did you negotiate it?
I found it on the MLS using my buy box criteria. I just offered 10k off the list and asked for 5k toward closing costs.
How did you finance this deal?
Conventional financing with 25% down payment.
How did you add value to the deal?
I just held it and appreciation did it's thing. I have rehabbed it twice with the last time being a $20,000 rehab including paint, carpet, punch list, new fence section and some TLC that I did in 2024.
What was the outcome?
I got $300 more a month in rent than my last tenant. They just renewed another 2 year lease this year.
Lessons learned? Challenges?
Don't buy a house with a flashlight at night and with the house having no electricity if you can avoid it. Also I had this beautiful weeping willow tree in the front yard and my property manager told me weeping willows are back luck and to cut it down. So I did. I wish I didn't. I don't believe trees can be bad luck and I wouldn't use logic like that to make decisions like that today.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I was my own agent which is how I have bought and sold all my properties. However I keep learning and relearning the lesson that even realtors need realtors. I do hire out my property management and leasing services to a professional firm and to me it's worth every penny I invest with them.