First Rental Property

[Mark R. Mnich]

Investment Info:

Condo buy & hold investment.

Purchase price: $46,350
Cash invested: $7,500

Currently getting $1,600/month rent

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

I wanted some passive income that would be easy for me to manage.

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

I found it on the HUD website. I originally lost my first bid but they told me what they would take as a counter. When the first deal fell through, I gave them the counter because the numbers worked.

How did you finance this deal?

I actually took out a home equity line of credit and I just paid it off.

How did you add value to the deal?

I put in a new bathtub, new flooring, and added a linen closet.

What was the outcome?

It’s been great so far! All my tenants have been excellent and usually only move because I help them buy a home of their own as their Realtor.

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

Yes…ME! LOL