First rental property investment

[Donald Fullington]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $140,000
Cash invested: $72,000

Purchased property as my residence and in 2022 started renovations and turned my property into a short term rental . I then moved out of this property and bought my next single family residence on a VA loan and plan on turning that property into a long term rental after one year per VA loan rules.

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

Cash flow for a short term rental sounded better than a long term rental . Monthly cash flow is low but just started renting late April due to renovations took longer than I anticipated.

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

Previously owned residence

How did you finance this deal?

VA loan

How did you add value to the deal?

Renovation

What was the outcome?

Starting to show signs of a cash flowing property !

Lessons learned? Challenges?

This project took a lot more money than I thought it would to renovate I need to do better with coast analysis
Also learning to work with a property management company is a pain in the …..

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

Dustin Blackmon
Cat Blackmon
Russel Morgan