First rental property

[Josh Fralish]

Investment Info:

Single-family residence buy & hold investment in Albany.

Purchase price: $43,000
Cash invested: $8,600

First rental, 3/1 with large shed and yard studio apt

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

Talking with a good friend about how he became a millionaire then researching how to buy rentals on YouTube.

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

Found this deal on Facebook marketplace

How did you finance this deal?

Unfortunately I had to sell my boat to get the down payment.

How did you add value to the deal?

I bought the house in a great neighborhood and it was undervalued.

What was the outcome?

First 2 months rent covered the rehab but now it should start to cash flow

Lessons learned? Challenges?

Find a great rental manager when getting started.

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

Jackie Dixon with One Key Reality

[Jared McCullough]

I sold my GTO to fund the first property then used a refinance to pull my money back out as well as buy a second property. I then refinanced the second to buy 1 more. By selling my "liability" I was able to acquire 3 houses with $90k in total debt, estimated $80k+ in equity, return my initial investment to myself, have about $15k left in reserve from the refinances, and the properties are combined cashflowing about $1500/month using a conservative 50% model (i.e. I am actually making more in real life as all the money is invested back into the business so it just builds the reserve).

It was hard to do but one of the best decisions I have ever made although I will say that the experience of landlording and quick repair has put some stress on my life.