First home/investment acquired

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $501,000

4 Bedroom, 3 Bathroom, 3 car garage, with solar panels, and a pool, in a quiet cul-de-sac. I'm looking to house hack and rent my 3 extra bedrooms.

What made you interested in investing in this type of deal?

I had been renting most of my adult life and always knew owning was a better option to get closer towards retirement. I finally have a well-paying career and the means to buy a home an invest into my future.

How did you find this deal and how did you negotiate it?

Buying a home close to work was important to me and I wanted something that I could also use as an investment as well. After viewing several properties in the area, we decided on this house. Being new to real estate I feel like I made some mistakes on this deal but I negotiated a discount in closing cost by increasing my offer price.

How did you finance this deal?

VA home loan

How did you add value to the deal?

So far, I've just fixed minor things around the house like sprinklers and the patio screen door.

What was the outcome?

I bought my first home and in the process of acquiring tenants. Now that the deal is done, I'm looking for as much info as I can about tenant management, and my next deal.

Lessons learned? Challenges?

Consult a lot more professionals prior to making an offer, be more involved in the inspection, and super proactive with closing.