Lived for 1 year and moved, got kinda lucky

Lived for 1 year and moved, got kinda lucky

Rental Property Investor · Indiana, PA · Member since 2019 · 18 posts · 4 votes

Investment Info:

Single-family residence buy & hold investment in York.

Purchase price: $162,000
Cash invested: $3,500

My wife and I originally purchased this house with a VA loan and put nothing down but some fees. We lived there for 1 year and then moved and have been renting it out since.

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

I had no idea what I was doing just like the house and figured it was a good area and would rent well when we had to move due to location.

How did you finance this deal?

VA loan as little down as possible.

How did you add value to the deal?

I didn't, it was a flip

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  • Real Estate Broker · Detroit, MI · Member since 2014 · 384 posts · 149 votes
    6y

    @Josiah Richard the VA Loan product is very powerful! I'm not sure why it's not used more often.

  • Rental Property Investor · Indiana, PA · Member since 2019 · 18 posts · 4 votes
    6y

    @Jabari Long, Honestly it was the only way we were able to start due to my wife being in college and me hitting he rest button on life after the military. But I was considering refinancing to lower my APR on the house and increase my cash flow slightly. Any advice if that's a good idea or not, considering the costs associated with refinancing?

  • Real Estate Broker · Detroit, MI · Member since 2014 · 384 posts · 149 votes
    6y

    It might make sense if you can get a no cost or low cost re-fi.  Some banks here locally do it.  You should check the banks in your neck of the woods.

  • Rental Property Investor · Indiana, PA · Member since 2019 · 18 posts · 4 votes
    6y

    Ok, thanks for the input! 

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