First Investment Property

[Andrea Eble]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $140,000
Cash invested: $10,000
Sale price: $150,000

This is my first investment property, purchased in the beginning of 2023. It is a 2 bed 1 bath single family home located in my neighborhood. Great bones but needs cosmetic updates which I plan to complete myself. It will be a rental property that I will manage.

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

This property is in my neighborhood, which is a big perk both for convenience and that we live in a neighborhood on the rise. I wanted to start with a single family home that I could rent out to learn the basics of being a property manager.

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

I knew the property was available because the elder owner was being moved into a care facility. I contacted the neighbor's power of attorney to let them know I was interested in purchasing the property. She gave us a price and we negotiated to our final purchase price.

How did you add value to the deal?

I plan to renovate the interior of the property with new flooring, paint, and update the kitchen and bathroom.

What was the outcome?

In progress.