Good home that I knew wasn't my forever home and would be a rental eventually.

[David Ebersole]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $107,000
Cash invested: $10,000

2 bedroom, 1 bath single family residence in Hampton VA. 935 sq ft home fully renovated. Hardwood floors in bedrooms, living room, and foyer area. Fully renovated kitchen with LVP floors. Beautiful bathroom with tile flooring and shower. 1.5 garage with a fully fenced in back yard.

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

I wanted to buy a home so I went looking for a place to live. I wanted something I could afford, but knew it wasn't going to be my forever home.

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

I found this on the MLS. I contacted my realtor (fellow soldier that I deployed with in 2011) and we made a contract and submitted. Asking price was $105k and closing costs. We negotiated $107K and they pay closing costs.

How did you finance this deal?

I used a VA Loan.

How did you add value to the deal?

Honestly, I didn't add anything to the deal. It was already renovated so I didn't need to do anything to it. It was move in ready.

What was the outcome?

I lived there for one year and two months before moving. A short notice deployment forced the move and I started renting it out once I found out I was deploying. Thankfully I was able to move in with my girlfriend (now wife) for a week before going overseas. My renter was a coworker in my shop so it all worked out well.

Lessons learned? Challenges?

When I bought the home, I knew the HVAC system was old. Week one in renting it, my HVAC system died and I had to replace it... Always check HVAC and other systems to see how old they are. That's the lesson I learned.