Updated almost 5 years ago on . Most recent reply
My first rental property
Investment Info:
Single-family residence buy & hold investment in Kannapolis.
Purchase price: $155,000
Cash invested: $15,000
Single family home in kannapolis NC 4 bedroom/2 bath.
What made you interested in investing in this type of deal?
I always was interested in investing in real estate part time and unfortunately where I live in NY it's very difficult to get into real estate if your looking for a buy and hold because the down payment needed usually makes it hard for you to get a in range ROI . Me and my father have been looking to invest for some time until we found this property that was suitable for us.
How did you find this deal and how did you negotiate it?
We actually found this deal Through my sister who lives down in NC . She had some friends who were in the property management business and referred us to them who later on found this property and now manage it for us.
How did you finance this deal?
Me and my father went half on the downpayment with our personal money which was 20% of the mortgage.
How did you add value to the deal?
Property was basically turn key ready so we did not add any value to the property.
What was the outcome?
About two years later we are now on our third tenant , for the most part no major problems and we are able to pay the mortgage/taxes and have some cash flow.
Lessons learned? Challenges?
Make sure that your not too nice with tenants. Be fair however it is a business at the end of the day . Don’t feel obligated that you owe the tenants anything sometimes they try and take advantage.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
If investing in Nc I would highly suggest JLF management for your property management needs. Very professional and honest.
