First rental property investment

[Justin Rosa]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $248,000
Cash invested: $10,000

I bought this property in September of 2023 for $248,000/ 6.625 APR. I've been living in the house with one roommate paying $600 of the mortgage.

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

I bought my first house in 2020 during the market crash. I sold that house for $60K more than I bought it for. With the realization that I could but and hold with some success in a military area, I decided that investing in real estate would be a good secondary source of income.

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

I used the VA loan to buy this house. My real estate agent brought in a mortgage broker to work the best loan he could get me. With the VA loan I paid zero down and my agent negotiated for only $700 of the closing costs.

How did you finance this deal?

I used a mortgage broker. The deal he got me was a 6.625 percent APR.

Lessons learned? Challenges?

I think the biggest thing I learned from this is not to pull the trigger too fast on buying a house. I bought this house after seeing only 3 other house. The property is nice but the house layout is not ideal for a rental.