First Rental Property

[Matthew Serafin]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $265,000
Cash invested: $10,000

Purchased this property when I moved to Florida on military orders. I used my VA loan to purchase this property as my primary residence with every intension to turn it into a rental after the first year. There was nothing wrong with the property, it was built in the early 1990 and just needed a little face lift. Ended up moving less than a year later to Hawaii on military orders and turned the property into a long term rental.

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

I was looking for my first residential rental property to start my investing journey.

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

Found this house from my RE agent that I found on this forum!
Jennifer Wilson

How did you finance this deal?

VA Loan $0 down!

How did you add value to the deal?

It was dated and all it needed was a facelift. Cosmetic upgrades.

What was the outcome?

Mortgage is about $1,350 and currently renting it out for $2,500, minus expenses cash flow is a little less that $1000 a month!! Amazing cashflow for first property.

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

Yes I worked with @Jennifer Wilson that I found on this page! I would definitely recommend her!