Updated almost 7 years ago on . Most recent reply
First Rental Property
Investment Info:
Single-family residence buy & hold investment in Indianapolis.
Purchase price: $120,000
Cash invested: $5,000
This is the first home I ever purchased for myself. I bought it with the intention of turning it into a rental property. We lived in it for 11 years and it has been cashflowing ever since.
What made you interested in investing in this type of deal?
I had always wanted to have rentals.
How did you finance this deal?
Traditional 30 yr fixed.
How did you add value to the deal?
Interior updates and curb appeal.
What was the outcome?
So far, so good.
Lessons learned? Challenges?
I wish I would have moved out of it sooner and bought a second, third, or even fourth one.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
When I bought my new house, I worked with Drew Schroeder.