Single family rental property

[Reid Shafer]

Investment Info:

Single-family residence buy & hold investment in Chesapeake.

Purchase price: $235,000

I used the VA loan to purchase this home, I lived in it for a year and then rented it out. it cash flowed within the first year.

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

I did not intend for this to be an investment property originally. I bought it to live in, then a year later I got orders to move because I am in the military. I had a family friend convince me to rent it out, he was a property manager and he told me I could make some money in doing so. I took his advise and it has been profitable ever since

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

I made seller fix things that were wrong with the property and made him discount it because not everything I wanted done ended up getting done.

How did you finance this deal?

VA. Loan

How did you add value to the deal?

I panted the interior and re did one of the bathrooms

What was the outcome?

the property was a success since I put very little money into it and make money from it every month

Lessons learned? Challenges?

value of a good property manager

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

yes I did I have good Agents Lenders and property managers that I can recommend