First property turned into first buy and hold Rental!

[David Shiling]

Investment Info:

Townhouse buy & hold investment in Wellington.

Purchase price: $198,000
Cash invested: $20,000

2/2 villa with lake views in the front and back. Screened in Patio with a 1car garage.
Remodeled new floors in the entire house. Remodeled bathroom, kitchen, and paint.

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

This was my first home that I purchased then broke up with my significant other and had to buy her out of the property. Still have the equity in the home and did not want to live there and rented it out.

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

I am a real estate agent and bought it from a friend that I work with. Negotiated closing costs concessions as well as taking the realtor fees off of the purchase price.

How did you finance this deal?

Conventional 10% down

How did you add value to the deal?

Remodeled the floors walls, bathroom and kitchen.

What was the outcome?

Renting it out cash flowing $450 per month.

Lessons learned? Challenges?

Don't ever buy a home or anything with a girlfriend. If you don't have the funds then find another way and don't let her parents bully you into getting her name on the property.

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

Yes I worked with myself.