First home purchase (Buy, Repair, Rent)

[Joel Gaetane]

Investment Info:

Townhouse buy & hold investment.

Purchase price: $165,000

Primary first home. This piece of an octuplex is part of a condo association

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

First home. Miles from DC and close to the metro and the Mark Train stations. I was working in DC at the time

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

I employed a real estate agent that my banker recommended. I did not negotiate it.

How did you finance this deal?

VA loan

How did you add value to the deal?

I renovated all three full bathrooms, I replaced all 10 windows, I replaced the living spaces flooring with Luxury Vinyl, I replaced the HVAC (heat pump). I wanted my future tenants to enjoy the place. I also wanted minimal or no calls about repairs.

What was the outcome?

I rented it out from 2022.

Lessons learned? Challenges?

I will negotiate prices now. The same brokerage published and sold this, I will take precaution next time. This was my first time and I did it by myself. I was stuck with plumbing issues. It turns out, after 5 years, that there was no ventilation for the shower in one of the bathroom, hence the problem.