First rental property

[Aristide J Soume Bl]

Investment Info:

Single-family residence other investment in Dixon.

Purchase price: $575,000
Cash invested: $60,000

2021 New build single family home. My first rental.

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

New in the field I was was looking for a multi family property, hard to find in my area with the cash I had. I end up finding this beautiful house. But I'm still looking for a multi family property.

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

My real estate guide me through

How did you finance this deal?

Conventional loan with 5 % down

How did you add value to the deal?

Upgraded the house with All new appliances, smart home gadgets and cameras also designer backyard

What was the outcome?

Low cash flow and low ROI % for the first 6 months. The ROI will increase after refinancing and lowering the mortgage.
Positive outcome from my point of view, I take it as a marathon not a Sprint.
Also I have the home equity already building up since day one.

Lessons learned? Challenges?

I was to excited, I ended up spending to much money on upgrade the house and turn it into a Smart home.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, Michelle Panizza. I work twice with her already on different deals. Very resourceful, she understood me and find me what I wanted.