First investment rental example.

[Brandon West]

Investment Info:

Single-family residence buy & hold investment in Jacksonville.

Purchase price: $175,000

Cash invested: $5,250

Long Term Hold Rental Property Purchased for 3% down, renovated everything for 20K, received 20k back with HELOC on the 14th month and rented property out.
Mortgage and HELOC payments are $1114 /Month total. Property Rents for $1695/Month.
Manage myself through management software.

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

I have always wanted to begin investing in real estate. I needed a house to live to I decided to make it a future rental.

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

For sale on MLS. Paid full price, asked seller to pay my closing costs. Interest rate is 4% for 30 years conventional.

How did you finance this deal?

Movement Mortgage. Shopped rates, then went with 3% down home ready loan from. Conventional.

How did you add value to the deal?

Renovated the house with new paint, fixtures, floors, new bathrooms, new counter ops, painted the cabinets.

What was the outcome?

Record rent for the neighborhood and only $5250 in the deal total after the HELOC for 20k.

Lessons learned? Challenges?

Everything went well. Im doing it again.

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

Im the real estate agent and just represented myself.