My First Rental Property

[Anthony Michael Hamza]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $340,000
Cash invested: $110,000

This is my first rental property. Began renting the property out in June 2024 for $4,500 per month. With a 2.25% IR, total monthly expenses are at about $2,000 currently. No HOA, single family home. Put A little over $100,000 into renovations, mainly solidifying the property against hurricanes with impact windows & doors and a metal roof, but also some cosmetic stuff like floors, lighting and paint, etc. I am still new to a lot of the REI terminology and calculations, so I'm just using the amount spent on renovations as my "cash invested." I was a Realtor when I purchased it in 2019 and I used my commission towards the closing costs and I am a U.S. Army Veteran so I was fortunate not to have a lot of the typical expenses or a down payment. After living in the property form 2019 to 2024, my wife and I moved up to Maryland for a new job. We purchased our second property in August 2024, a townhouse this time, in Odenton, MD. With the interest rates and market prices, I am not sure this will be as great with returns. My goal is similar to the BRRRR method, and I want to hold on to rentals and create cashflow. My next property will hopefully be a multifamily. Hoping to learn a lot from this community.