My first rental property!

[Donny Lee Dyer]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $85,000
Cash invested: $25,575

3/1 SFH. Built in 1944, Property is currently in the Ft. Wayne housing authority program. (Section 8). I went with a conventional loan 25% down. used most of my reserve for this property. Currently saving for the next purchase.

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

cash flow opportunity

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

found home on zillow within the first 3 hours of listing. Was able to view the property that afternoon. It was shown 7x that day (Saturday). We submitted a offer for $85k with a $3k appraisal gap guarantee. Home was listed for $83k. The home had 5 offers on day 1. We did not have the highest offer. Someone offered $95k cash. I'm still not sure why they selected my offer. But I am thankful.

How did you finance this deal?

I used a conventional loan with 25% down.

What was the outcome?

loan was able to close in 22 days.

Lessons learned? Challenges?

I wished that we had only put down 15%. As it will take me some time to save for the next deal

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

The Bank I used was Old National Bank. Loan Officer was Hannah P. She is first class.
The realtor was Tamia Armstrong. I've known her for 2 years she is so friendly and easy to work with. She is also my PM.