FIrst Investment Property! Woo Hoo
Investment Info:
Single-family residence buy & hold investment in Lake Havasu City.
Purchase price: $309,000
First Investment Property, Buy and Hold using as a STR property. Got well under market value, currently putting the finishing touches on it and will have on market by March to mid March.
What made you interested in investing in this type of deal?
We were looking for something to house hack as our vacation home as well as use it as a STR property. The deal was well under market value and it was too good to pass up. Previously owned by a single elderly woman, the house was in great shape, just needed minor fixes, and updating. Also walking into it gaining about $60 - $70k market value was a no brainer.
How did you find this deal and how did you negotiate it?
Through our realtor
How did you finance this deal?
We did a conventional loan, as a second home (vacation) 20% down. 2.75% interest rate.
How did you add value to the deal?
Minor updating, new carpets, new shower, new paint, new pool equipment.
What was the outcome?
Almost done furnishing, will be on market in early March if all goes as planned.
Lessons learned? Challenges?
It was challenging to not get emotionally attached, as we will use it ourselves as well for family vacations. But just do the minimum and most cost effective things to make it a great property without going overboard on in the pocketbook. All in all, we talked to a couple mentors and it made sense to spend the minimum and see what returns we get before investing premium money into it.