First Investment Property: Spirea

[Kyle Palentino]

Investment Info:

Single-family residence buy & hold investment in Montgomery.

Purchase price: $360,000
Cash invested: $75,000

Single family residence (4 Beds, 2.5 Baths) focused as a long term rental.

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

First Investment Property. Originally Primary Residence.

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

MLS Purchase

How did you finance this deal?

Cash from prior sale proceeds.

How did you add value to the deal?

Live in fixer upper/updating for 18 months. New floors and carpets, updated appliances and fixtures. Painted interior rooms. Added fencing and landscaping to backyard.

What was the outcome?

Working towards getting it occupied with first tenants.

Lessons learned? Challenges?

Run the numbers more than once. Be patient. Consider multiple options for renovations and purchases. Bet on yourself.

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

Caleb Boyer of Providence Hill Real Estate