Updated over 4 years ago on . Most recent reply
First Rental Property
Investment Info:
Single-family residence buy & hold investment in Crestview.
Purchase price: $196,900
Cash invested: $14,000
3 bedroom, 2 bathroom, 2040 sq ft single-family residence on 0.34 acres
What made you interested in investing in this type of deal?
I originally purchased this property to build equity in a property and stop paying rent. At the time, I did not view this as deal, but rather a property to live in.
How did you find this deal and how did you negotiate it?
I found this deal through a real estate agent and negotiated to a price below asking price, based on my financial goals.
How did you finance this deal?
I entered the deal with no money down by using the VA loan.
How did you add value to the deal?
I added value to the deal by showing I had stable income and through a strong credit score.
What was the outcome?
I am about to rent out the property through a property manager once I move out of the property.
Lessons learned? Challenges?
Looking back, I wish I took the time to further analyze the deal, determine the appropriate cashflow, and have a real estate investor mindset. I experienced initial challenges understanding how to maintain the interior of the property and work alongside property managers.