My 1st Investment...a bittersweet experience.

[Dolly La Salle]

Investment Info:

Townhouse buy & hold investment in Orange Park.

Purchase price: $190,000
Cash invested: $43,902

This is my 1st property...a bittersweet experience. My intent was to purchase this townhouse so I can move back to FL and have my mother live with me and help take care of her. While I was in contract, my mother got COVID and passed away. After long contemplation, I decided to continue with the purchase. After all, it was also my mother's wish for me to buy a house. It was not going to greatly cash flow, but it was a solid investment. The neighborhood has high rated schools. The property has a garage, fireplace, backyard, low HOA, and a good tenant. I put $38,000 down + closing costs = $43,902. I do not plan on spending my cash flow and will save it for future expenses (even though it's already calculated in my variable expenses). There was one bump on the road where there was a miscommunication about the roof being in the HOA. In result, the HOA does not cover the roof. So, the expense of replacing the roof due to old age now falls on my lap. Yikes! Lesson Learned: Always verify the info directly with the HOA company, not what others say. Anyhow, I am content with my first purchase. One step closer to being a successful RE Investor, building a portfolio, and having financial freedom. Mami & Papi, this one is for you!