First home in Georgia, second rental.

[Robert Ice]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $130,000
Cash invested: $12,000

This one was a doozy. Had a realtor pull a fast one on naive me when I was new to the area. Purchased at $130,000 using the VA loan from my military entitlement. Lived there 14 months making updates as needed until last month. Upon getting married, we used a second VA loan to purchase our primary residence and rented this property. Currently rented at $1,250, managed by myself, mortgage and costs at $785. Intend to hold 3-5 years and then will likely sell.

How did you finance this deal?

VA loan

How did you add value to the deal?

Renovated the bathroom, repaired plumbing, added a storage shed and did some much needed cleaning.

What was the outcome?

Currently rented, turning ~$465 per month.

Lessons learned? Challenges?

Never take a realtors word on anything, especially when doing a virtual tour from across the country, unless you know them personally, have worked with them before, or have a trustworthy voucher from someone you know.