First Home Rental Property

[Randy McDonald]

Investment Info:

Mobile home buy & hold investment.

Purchase price: $50,000
Cash invested: $50,000
Sale price: $50,000

Mobile home on owned property. Fixed it up and moved in to pay it off. Plan on moving out soon to rent this one out.

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

Watching many YouTube videos and reading forums on bigger pockets in high school made me very eager to attain financial freedom.

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

Found the deal through family. Land lord was tired of dealing with tenants and wanted to do a rent to own. We talked and decided to knock off money from the asking price for repairs.

How did you finance this deal?

Paid in cash, $1000 a month then $20,000 last month of contract.

Lessons learned? Challenges?

I did not have a notarized contract with the land lord because I personally knew her and thought she was a stand up person. I was very wrong when she tried to evict me and my family in the last month of the contract.