Updated over 6 years ago on .
Landlord by Circumstance
Investment Info:
Single-family residence buy & hold investment in Orangeburg.
Purchase price: $40,000
Cash invested: $40,000
I actually became a real estate investor by circumstance. I moved to because I was unable to find full time work and or a home in my price range that would accept my small dog. Because life is funny, three weeks after settling in to my home in South Carolina I was offered a full time job in New York so I moved back to NY and rented out my house.
What made you interested in investing in this type of deal?
I actually wasn't thinking of investing
How did you find this deal and how did you negotiate it?
I found it on Trulia. I didn't have to do any negotiating. The bank accepted my first offer (it was a foreclosure)
How did you finance this deal?
I paid cash
What was the outcome?
It rented a little over a month after I moved for $825. I had no issues until my tenant got into a car accident and was no longer able to pay rent. He has now moved out and i'm actually looking to sell the property and use the money to purchase a multi family in North NJ to house hack. My goal is to lower my housing expenses (NYC rent is ridiculous) and have a more hands on experience with the new property.