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Updated 8 months ago,

User Stats

13
Posts
5
Votes
Peston Parsard
Pro Member
  • Investor
  • Wesley Chapel, FL
5
Votes |
13
Posts

First Investment Rental Property

Peston Parsard
Pro Member
  • Investor
  • Wesley Chapel, FL
Posted

Investment Info:

Townhouse buy & hold investment in Wesley Chapel.

Purchase price: $325,824
Cash invested: $62,000

New construction 3bd, 2.5 ba, 1722 sq. ft. Townhome.

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

Since I'm just starting out, I wanted to invest in new construction property that will likely have lower maintenance costs in the short term.

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

I searched for top real estate agent companies in the area and was referred to the Tampa Home Group, to purchase both properties in the same community. Not much negotiation this time though.

How did you finance this deal?

I took out a mortgage through the builders lending company DHI Mortgage but have since paid it off in full with the proceeds from the sale of my home in Maryland last year.

How did you add value to the deal?

So far, I've installed vertical blinds for the sliding glass doors, covered the lanai with mesh and added a whole-house water conditioner, which also includes the reverse osmosis system for the drinking water.

What was the outcome?

The property is still on the market for rent at Zillow by the HomePropPM property management company. The Zillow link is: https://www.zillow.com/homes/32963-tulip-petal-ln,-wesley-chapel-fl-33545_rb/344546235_zpid/

Lessons learned? Challenges?

I learned that April and May are seasonally slow for rentals, since most people seem to move in the summer, and also that the market here in Wesley Chapel, FL is a bit saturated with excess inventory from all the new construction activities in the area.

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

Yes, I worked with Rachel Monzello from the Tampa HomeGroup (John and Maria Hoffman). I would highly recommend anyone focusing on residential rental properties in this area to work with Rachel Monzello. She is very knowledgeable, thorough, insightful, well connected and just fun to work with.

  • Peston Parsard
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