New to Investing and would love to refinance

[Elizabeth Hayden]

Investment Info:

Townhouse buy & hold investment in Nashville.

Purchase price: $98,100

My property is a 1280 sq ft townhome that is very spacious. There are two bedrooms with full baths and walk-in closets. The half bath is on the first floor. It is a basic floor plan that is perfect for a rental property.

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

I had actually purchased the property for myself back in 2004, however it became a rental property by happenstance. Within the last 2 years, my husband and I have seriously began to use it as rental investment property.

How did you finance this deal?

This property is financed through traditional lending.

Lessons learned? Challenges?

As a landlord/property manager there have been challenges (e.g. non-payment of rent leading to an eviction, court visits, etc.) all because of a tenant who was very unprofessional. We gained so much insight due to this situation, and because of that, we handled our next tenant very differently.