Second Investment Property

[Felicia Mares]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $59,900
Cash invested: $16,000

I purchased this property from a distressed seller. They bought it as a rental and the tenant did not pay during the pandemic. The seller made repairs before putting it on the the market so there was no rehab needed on my end.

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

I was ready to buy my second property and this was a great buy. I got it for a good price and the rent is at 1.5%.

How did you finance this deal?

I did a conventional loan and put down 20%.

Lessons learned? Challenges?

The first tenant was hard to work with. They didn't want to pay and ultimately I had to evict them. This was a lesson in patience, strategy and due diligence.

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

I worked with Susan Hernandez from Berkshire Hathaway. She made the process very easy.