Updated over 5 years ago on . Most recent reply
First rental property!
Investment Info:
Single-family residence buy & hold investment in Vail.
Purchase price: $194,000
Cash invested: $35,000
This was my first home purchase. I had the unfortunate timing to buy right before the bubble popped, and ended up $50k+ flipped. A few timely refis over the years, and I was able to get some equity in the home. Now this house will help me achieve my cash flow goals!
What made you interested in investing in this type of deal?
This really just happened organically. I did not purchase the property (initially) with the intention of renting it out. Several years (and some financial education!) later, and it just made sense.
How did you find this deal and how did you negotiate it?
I found the house with the help of a realtor.
How did you finance this deal?
VA loan
How did you add value to the deal?
Lived in the house long enough to have equity, and did enough upgrades to make the house desirable.
What was the outcome?
My first rental property, cash flowing more than I thought it would.
Lessons learned? Challenges?
The next challenge will be working with my property manager long distance, since we moved all the way across the country!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My property management team seems amazing so far! If you’re looking for management in the Tucson, AZ area, check out New Concepts.
