1st Investment Property

[Shaydon Childers]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $287,000
Cash invested: $20,000

This was my first home that we lived in for 4 years. We remodeled the entire house and then refinanced and rented it out.

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

I am investing in real estate to build my overall net worth. I would like to retire from my W2 job by age 55.

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

We bought this property on market and we were able to negotiate 8 thousand back in closing for repairs.

How did you finance this deal?

We used a conventional loan.

How did you add value to the deal?

We updated the entire house. New cabinets, vanities, showers etc.

What was the outcome?

We were able to refinance after 2 years and currently have $215,000 in equity and generate 680 month in cash flow.

Lessons learned? Challenges?

If I had to do it over I would have pulled out the equity I'm 2021 when I refinced so I could use the cash for future investments.

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

I worked with an agent because at the time my wife was not licensed. My wife is now a licensed agent that specializes in selling on market homes to/for investors.