Updated over 6 years ago on .
My Third Rental Property Purchase
Investment Info:
Single-family residence buy & hold investment in Perris.
Purchase price: $182,000
Cash invested: $38,000
Sale price: $290,000
4 bedroom, 2 bath single family home that was older, but had great reno value b/c you could tear down a wall and open the whole living/dining kitchen up
What made you interested in investing in this type of deal?
Since I had a few deals of the same nature, buy and hold single family residences, it was a no-brainer.
How did you finance this deal?
How I financed this deal is actually an interesting story...my dad had given me money to pay off my student loans. Something about paying off my 3% student loans didn't sit right with me when I could use the money to purchase another rental property. After crunching the numbers several times, I decided to forgo paying off my student loans and buy my third property...I still have those student loans!
What was the outcome?
I ended up doing a 1031 Exchange to purchase a larger home in a more desirable area of Perris.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Patricia Campos