First Investment Townhome purchase

[Rob Rayborn]

Investment Info:

Townhouse buy & hold investment.

Purchase price: $99,900
Cash invested: $72,900

This is a 2 Bedroom 2 1/2 bath with each bedroom having a full bath.

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

Actually, was looking for a place for my son and his family to reside in when moving back from North Carolina

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

Zillow. Placed an offer and was rejected. Got a call from the bank 3 days later and they reconsidered on my purchase price

How did you finance this deal?

15 year mortgage

How did you add value to the deal?

Total reno on the place

What was the outcome?

It has been an excellent rental

Lessons learned? Challenges?

Yes, lots. Went over budget on the reno. Not by much but I kept adding things to the original work. Biggest challenge is that I didn't really know how to evaluate the property expenses at that time. This was my first investment property

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

Yes, but to be honest I don't know if the realtor is still around and the bank was a community bank.