Updated almost 7 years ago on . Most recent reply
2nd Rental in the books and lesson learned
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $134
Cash invested: $20,000
Purchased our second rental in Conway because the first was going so well.
What made you interested in investing in this type of deal?
Conway is a growing area north of Little Rock, a college town, and has decent rents and affordable homes. It's a safe bet for this guy!
How did you find this deal and how did you negotiate it?
Found it on the MLS and contacted our realtor to negotiate the price.
How did you finance this deal?
Worked with a local regional bank. They offered a commercial loan with 15% down amortized over 20 years.
How did you add value to the deal?
Updated countertops in bathroom, exterior paint, new carpet in bedrooms.
Lessons learned? Challenges?
After such a great experience with the tenants in our first rental, I didn't do enough tenant screening for this property. Let's just say it's been more difficult managing this property from out of state.
