'Simply Start' goal accomplished!

[Matt Hein]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $111,000
Cash invested: $35,000

First property. Goal is to simply start.
A great opportunity to move from theory to reality and determine my strengths/weaknesses and preferences -- I don't like tenant property management but love project management.

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

Income diversification and investment diversity.

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

Found through a realtor on MLS. Estate sale needing lots of renovation work.

How did you finance this deal?

10-1 ARM

How did you add value to the deal?

It's a single story with a full basement. We renovated the first floor to be a 2-bed 1 bath unit and plan to convert the basement to 2nd unit in a couple years.

What was the outcome?

Renovation complete. Tenant in with a good 12-m lease.

Lessons learned? Challenges?

I knew going in that renovation would be more expensive; and I was right.
Contractor management -- if you don't make your project their priority they will find something else to work on.