VA loan for a primary home turned rental

[Cody Freeman]

Investment Info:

Townhouse buy & hold investment.

Purchase price: $300,000

Used VA loan to buy a 3bed 2.5bath 1,980 sq ft *New Build* Townhome in Wilmington, NC.
PITI is $1,847
Rent is $2,350
Monthly Cash Flow is $503.

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

Purchased as a primary home, with the hopes of eventually renting it out.

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

Found with a realtor.

How did you finance this deal?

AmeriHome mortgage company, zero down VA loan

How did you add value to the deal?

Furnished it to charge more for rent

What was the outcome?

Rents slightly higher than others in area

Lessons learned? Challenges?

Don’t settle for lousy tenants, I screened a number of tenants before landing on solid ones. They are both doctors.

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

N/a