First Investment Property. Sold for $306,000

[Cat Calvosa]

Investment Info:

Single-family residence other investment.

Purchase price: $214,900
Cash invested: $12,000
Sale price: $206,000

I lived in this home for a year, then did a house hack and rented out two of the other bedrooms, since I traveled a lot. After about 3 years, I moved and rented it out while I was away. I managed it myself for about 4 years, till I wasn't able to manage it, due to being overseas, so I hired a local company to take over. After a few years, I decided to sell, so that I could purchase a home in Colorado with my family. Since then I've not made any more investments, but I plan to get back into it.

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

Holding it for longer let it grow equity while I was overseas and not required to hold another rent or mortgage payment. (My work provided me housing while overseas.)

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

I used a realtor that was recommended to me, and I came up with the rental plan when I learned I was going to be traveling a lot.

How did you finance this deal?

I used a VA Loan with 0% down. (I am a veteran.)

How did you add value to the deal?

I paid for a staging company when I prepared to sell, which helped it sell quickly.

What was the outcome?

I made about $85k when I finally sold the house.

Lessons learned? Challenges?

Screen tenants better and instill some sort of annual checkin on the property to ensure that damages are not out of hand.

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

Yes - My Property Managers in the end were fantastic! The Todd Gordon Companies LLC is amazing! Very professional, organized and true to their word. They took care of me and I highly recommend them to anyone owning a rental in the greater DC area.