First time SF buy and hold

[Rhonda Burke]

Investment Info:

Single-family residence buy & hold investment in De Ruyter.

Purchase price: $55,000
Cash invested: $22,000

2bd 1ba, SF rental.

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

Looking for first rental property with good cash flow.

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

MLS.

How did you finance this deal?

Conventional with 20% down and cash for rehab budget.

How did you add value to the deal?

Replaced roof, upgraded electric, exterior paint, hot water heater, flooring in kitchen and bath, new appliances, new counter top, painted cabinets, screened front porch, new doors.

What was the outcome?

Purchase on the eve of Covid shut down. Three years later almost doubled in value and moderate increase in rents. Easy to self manage.

Lessons learned? Challenges?

Cash poor, so did the repairs ourselves. Took much longer than planned and went over budget, but not bad for first time.