First Rental Property

[Ginina Louis]

Investment Info:

Single-family residence buy & hold investment in Westwego.

Purchase price: $40,000
Cash invested: $16,000

3bd/1bath Single family residence. 1000sq.ft

What made you interested in investing in this type of deal?

I wanted to invest into real estate and I couldn’t pass up the house of at that price.

How did you find this deal and how did you negotiate it?

I worked with my realtor. She suggested the property.

How did you finance this deal?

Bank loan and the down payment was from savings.

How did you add value to the deal?

I did $15,000 worth of renovations by adding new cabinets and countertops. Added laminated floors to the living room and hallway. I also added tile surrounding the bath tub and painted the whole house. After my first tenant turnover I added ceramic tile in the living room and hallway, painted the whole house, and replaced all of the windows in the house.

What was the outcome?

It is being rented out right now.

Lessons learned? Challenges?

I should have tiled the whole house initially.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes

[Ginina Louis]

Hi Brooks! I receive $894 a month right now. I plan on increasing the rent to $925 a month in October. The last time I had it appraised was in 2015 After I did the first renovation and it appraised for $93,000. There is room to refinance. I've been reading up on the BRRRR system and I plan on using it for the next property.