Updated over 7 years ago on .
My First Rental Investment Property
Investment Info:
Single-family residence buy & hold investment in Brainerd.
Purchase price: $65,000
Cash invested: $15,000
600 Square foot 2 bedroom 1 bath house. Was recently remodeled, but the person who flipped it didn't take the house to completion. I purchased it after looking at it and invested $1000 and a week of my time into finishing the reno. We had renters in the property a week later. This Project went very smooth and was our first ever deal. My wife and I read Rich Dad Poor Dad, then found the Bigger Pockets podcast and were hooked. We bought this property 3 months latter and have been looking at multiple deals, both small multifamily and single family. We look forward to using the BRRRR method for our next purchase.
What made you interested in investing in this type of deal?
Rich Dad Poor Dad, and Bigger Pockets Podcast
How did you find this deal and how did you negotiate it?
Looking on Zillow and we offered 15000 under asking price.
How did you finance this deal?
20% cash and a commerical loan at 6.5%
How did you add value to the deal?
Finishing the renovations inside the house.
What was the outcome?
A very nice cash flowing first rental, under contract for 12 months within a week.
Lessons learned? Challenges?
Wish we would have done the BRRRR method.
