3 bed 2 bath first rental property!

[Sterling Pfenning]

Investment Info:

Single-family residence buy & hold investment in Albert Lea.

Purchase price: $30,000
Cash invested: $55,000

3 bed 2 bath home, after Reno will rent for $1100

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

I like doing renovations and the deal was right

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

My banker knew I was looking for houses. My bank repossessed the house and I was the first person to get a call about the deal

How did you finance this deal?

Cash savings then a small equity loan to remodel

How did you add value to the deal?

Added a bathroom and remodeling the upstairs
Adding a deck and cleaning up the basement.

What was the outcome?

Still in progress

Lessons learned? Challenges?

Everything has taken longer and cost more than I initially thought!

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

Avery Malakawski from community bank Mankato MN