First rental, it all started with buying a house to live in.

[Andrew Swaim]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $343,000
Cash invested: $68,000

I moved to Norfolk Virginia and this is the first house I bought to live in. I am moving out in 3 months and will be renting it out instead of selling it and I could not be more excited.

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

This just seemed like an easy way to get my foot in the door of real estate investing.

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

Well I was honestly looking for a place to live and found this. While living in the house I started thinking about how this house could make me money long term instead of selling it so I started doing math and figured out it should work out great to keep it when I move and turn it into a investment property.

How did you finance this deal?

Standard 20 down 30 year fixed

How did you add value to the deal?

It was a new build so I haven’t done much besides paint the back porch

What was the outcome?

We will see here soon enough

Lessons learned? Challenges?

Lesson learned is the hardest part is starting. Once you get the ball rolling everything falls into place

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

no I would not recommend my real estate agent to anyone. I learned a lot about who not to use so I am grateful for the experience