Real Estate Investment #2

[Grant Rutherford]

Investment Info:

Single-family residence buy & hold investment in Jacksonville, FL.

Purchase price: $344,000
Cash invested: $44,000
Sale price: $460,000

Bought an 80 year old recently renovated 3 bed 2 bath single family home, lived in it for 2 years and rented it for 2 years using a property manger prior to selling.

Lessons learned? Challenges?

Learned to always have some cash reserves set aside for unexpected expenses!! Shortly after moving out and a tenant moved in, the bedroom ceiling collapsed due to excessive weight and inadequate ventilation in the attic, requiring replacement of ceilings throughout the entire house at enormous expense. Several months later the A/C went out and required complete replacement and several months later we decided to install gutters to drain moisture away from the foundation. Lots of money!!