Updated over 5 years ago on . Most recent reply
Single Family Rental in Redmond, Oregon
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $234,000
Cash invested: $20,000
3 Bed/ 2.5 Bath Single Family, Redmond, OR
What made you interested in investing in this type of deal?
This home was purchased originally as a primary residence with the intent on having it become a cash flowing rental and the first property to begin the real estate investing journey.
How did you find this deal and how did you negotiate it?
MLS
How did you finance this deal?
Conventional mortgage
How did you add value to the deal?
Added wood floors, new interior paint, upgraded sink and shower fixtures.
What was the outcome?
Able to obtain consistent tenants in a B class neighborhood while witnessing appreciation over the last 3 years.
Lessons learned? Challenges?
This was our primary residence for two years and eventually became the first rental property. After researching investment strategies and running the numbers we felt confident this would be a low maintenance, cash flowing property, close to good schools and walkable amenities and parks that would be appealing to stable tenants. The first year the property was rented we experienced few challenges and met our cash flow goals with conservative reserves for future maintenance.
