My First Buy and Hold
Investment Info:
Single-family residence buy & hold investment in Tampa.
Purchase price: $172,500
Cash invested: $40,000
3/2 SFH in Tampa, FL. Expected to Cash Flow ~$250/month after all expenses. Neighborhood is up and coming with multiple remodels selling for $250-$350K. Strategy is to hold as a rental for 5-10 years, update & sell in the future.
What made you interested in investing in this type of deal?
For my first out of state investment, this met all my needs: in a state/city with growing population (Tampa), location in an up and coming neighborhood, 'rent ready', and reasonable cash flow.
How did you find this deal and how did you negotiate it?
Deal found on MLS - bought for $2500 less than appraised value.
How did you finance this deal?
Conventional Mortgage - 20% down
Lessons learned? Challenges?
Now that I have found people I can trust out of state, I have built more confidence to explore strategies that will bring me more value in deals.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes - Bryce Wade Realtor with OutFast Realty and Jeremy Kloter with OutFast Property Management were both fantastic people to work with especially for first time investors.