First single family rental

[Erik Duke]

Investment Info:

Single-family residence buy & hold investment in La Mesa.

Purchase price: $350,000
Cash invested: $10,000

Single family 4/2 with large parking area RV accessible

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

Needed bigger house so it was to live in

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

Looked at several house did not want to sell anything so I had to do the no money loan that was stated income. I bought it from a house flipper she just didn't want to deal with any big issues house was purchased as is.

How did you finance this deal?

No money down bad loan but it allowed me to keep my other property's

How did you add value to the deal?

I was willing to buy the house as is and talked with the owner a lot

What was the outcome?

The loan was terrible but overall the property has appreciated and makes a little cash flow.

Lessons learned? Challenges?

When I sold one of my rental units and did not re-invest the money I dumped it into this house was not the best idea and also ran out of money and get a home equity line to finish the work.

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

Yes