Tampa Bay - 1st home turned investment

[Joseph Legate]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $310,000
Cash invested: $70,000

Single family, 4 bed, 3 bath around 2400 sf home.

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

I bought the home to live in my self, but with my job I was traveling a lot so I rented it out.

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

Found the deal through my fiance who is a realtor. It was a foreclosure so the negotiation was with the bank

How did you finance this deal?

I put 20% down with a 30 year mortgage

How did you add value to the deal?

Updated the floors in the whole house and I updated the paint

What was the outcome?

Home is being rented out to friends. Could be making more money per month (if we didn't rent to friends)

Lessons learned? Challenges?

People say don't mix business with family and friends but with having friends in the home, being a landlord is easy.

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

Yes, I worked with my Fiance Melissa Rushing who is a realtor, and I worked with Bay to Bay Lending in Tampa, who I now word for as a Mortgage Loan Originator