Rental Property Investor · Rancho Cordova, CA · Member since 2017 · 9 posts · 2 votes
Investment Info:
Single-family residence buy & hold investment in Las Vegas.
Purchase price: $232,000 Cash invested: $100,000
We bought this house as a BRRR. It was the beginning of the crash and at the time seemed like a good buy ($106k below purchase price only a few years old) we have held this property over the past 10 years as a rental and the market in Las vegas has Rebounded nicely. In the process of a possible refi. Just cant decide on a 15 year loan on the owed balance (108k) or a 30 year to increase cashflow...
What was the outcome?
We have owned this rental property for the past 10 years
Lessons learned? Challenges?
We bought it at the beginning of the downturn in 2008. We should have waited and possibly could have bought it for 50-75k less. But the market has since rebounded and surpassed our 232k purchase price.
Personally, I too own a rental in Las Vegas and decided to go with the "build the kingdom" move- I did a cash out refi. Then bought another rental.
But each person is different so I can only offer what I did.
No sure if that helped but my goals may not be your goals - I simply want more cash flowing properties - paid off is good but for me leverage has always been the key to real estate.