Updated about 7 years ago on . Most recent reply
First Rental Propery
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $75,000
Cash invested: $15,000
Bought it for 75,000
Invested 15,000
Now assessed at 120,000
What made you interested in investing in this type of deal?
Cash Flow
How did you find this deal and how did you negotiate it?
It was going to Auction (not foreclosure) and I got a tour before hand and bought it along with everything inside the property.
How did you finance this deal?
Family member bought it outright on credit. I then fixed it up and got it refinanced and paid them back.
How did you add value to the deal?
New doors, windows, kitchen, painting, flooring, and siding on garage
What was the outcome?
Rented it out and have a monthly cash flow of roughly $450
Lessons learned? Challenges?
It takes longer than expected and more money then expected. All in all it was a great first deal.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My family has a restoration company so they helped do a lot of the work. Dyna Kleen of Rockfor.
Also, a licensed electrician/plumber who did a great job