First Rental 2016, Pawnee IL

[Dominic Campo]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $65,500

1st Buy and Hold SFR. 3 Bed 1 Bath, 2 car attached garage w large fenced in backyard and unfinished basement. Home was purchase at a live auction. To date I have done minimal work besides some paint and flooring. Currently rents for $850 to long term tenants but come be raised to $950 in the current market.

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

Coming from a family of investors it was always just a question of "when" not "how" and this opportunity presented itself at the right time. Price was right, location was right.

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

This was a live auction that I participated on via telephone.

How did you finance this deal?

I used a line of credit and refinanced into a 5 year ballon and just recently refinanced into a fannie 15year ammoritazion.

How did you add value to the deal?

Value was already there but I have done some flooring.

What was the outcome?

This is one of the gems of my portfolio, I have only had 1 turnover

Lessons learned? Challenges?

This was my first so I really got to cut my teeth on the auction process, finding tenants and starting all of my systems

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

I am a Realtor so I represented myself, My personal banker is Adam Shottes at United Community Bank in Auburn IL and I would recommend him to anyone.