First rental property of hopefully many in the future

[Mason De Vries]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $93,000
Cash invested: $24,750

Bought with long term tenant in place. Receiving $1,100/month rent. Tenant pays all utilities but garbage. Using property management company. Trying out the long distance real estate game.

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

I live in Washington State where housing prices are pretty high and couldn't afford a rental property out here so I starting looking on Zillow for places that were more affordable and came across Dayton and the numbers seemed work out so thought I would try my first rental out.

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

I found it on Zillow and talked to an agent and a property management company to hear their thoughts on it. I offered $6k less that asking and got accepted

How did you finance this deal?

With a 30 year fixed mortgage hoping rates drop so I can refinance into a 15 year fixed.

What was the outcome?

It's cash flowing.

Lessons learned? Challenges?

Do more research, ask locals on this website about the area and for their opinions and run more numbers before the next purchase.