First single family buy and hold investment
Investment Info:
Single-family residence buy & hold investment in Nashville.
Purchase price: $288,500
Cash invested: $14,599
The house was built new and purchased as our first primary residence. After four years we moved to a new house and instead of selling turned this into our first investment property.
What made you interested in investing in this type of deal?
Nashville has always been a hot real estate market since I moved here in 2015. Because of that, I have been reading about the advantages of real estate investing. There was a brief lull in the market during the pandemic which allowed us to buy a new home under asking price and turn our old home into an investment property.
Lessons learned? Challenges?
I've learned to take the time to do a detailed analysis concentrating on expenses and being conservative about the monthly income.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Only worked with the home builder. Worked with a realtor to buy the new property who got me in touch with a property management company and a lender that would allow us to buy the new house and turn the old one into an investment.