Updated over 6 years ago on .
First Investment Property in Port St John, FL (2016)
Investment Info:
Single-family residence buy & hold investment in Cocoa.
Purchase price: $110,000
Cash invested: $22,000
My wife and I's first buy and hold rental property bought in mid 2016. We purchased the property with tenants in place and they have been great. We have not increased the rent since 2016, because we have decided that our great tenants are valuable to keep in place during our growth phase. We estimate that we can rent the property for an additional $200-300/mo with minor upgrades whenever our tenants move.
What made you interested in investing in this type of deal?
It was our first deal. Probably not a slam dunk but it was important for us to get the ball rolling by jumping into a deal where the numbers make sense. We are proud that we got started with this deal at only 23 years of age.
How did you find this deal and how did you negotiate it?
MLS
How did you finance this deal?
Conventional 20% down
What was the outcome?
Everything has been easy so far. Our same tenants are still in the property and pay early each month. They have never missed a payment and we have a healthy cash flow.
Lessons learned? Challenges?
Great tenants who pay on time (and early) are valuable to your business. Keeping them in place can give you peace of mind while you scale to other properties.