My first long term rental experience

[Hagop Melkonian]

Investment Info:

Condo buy & hold investment.

Purchase price: $429,000

I initially bought the property as my primary residence. Due to my career, I am constantly traveling, so I decided to rent out the property utilizing a property manger. I currently make positive cashflow, although nothing very significant.

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

I was stationed in the San Diego area for five years, and I wanted to take advantage of paying into my own property rather than giving away to a rental.

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

I utilized a very helpful real estate agent that works for the Thank You Heroes program.

How did you finance this deal?

I utilized the VA loan which allowed for no down payment. I later refinanced at a crucial time which reduced my interest rate to 2.25%.

How did you add value to the deal?

The property appreciated in value over time. I have not done any work as of yet.

What was the outcome?

The property gained significant equity over the last few years.

Lessons learned? Challenges?

Always be diligent when working with other entities because you are the only one that has complete investment into what you do.

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

If you are a veteran, reservist, or active duty, look into the Thank You Heroes program. The organization will help you thoroughly.