First home purchase, turning it into a rental post military

[Luke Sanderson]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $330,000
Cash invested: $58,000

1951 square foot single family home with 2 car garage. 5 minute commute to military base. I was the renter, purchased from owner after a year. Plan to rent it out after I move, looking for improvements to make to increase rental cash flow. Not a great deal (looking back on it), but it will almost always rent due to proximity to military base and the high need for rentals in the military housing area.

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

The owner wanted to sell and I already lived in the house. I either had to buy or move in 6 weeks. It seemed to be a good location that would rent quickly once I moved.

How did you finance this deal?

VA loan

Lessons learned? Challenges?

I should have put more of a down payment down to lower my monthly mortgage payment. It is going to be difficult to cover all my costs with the expected rental income.

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

Sandy Bicharay, excellent agent.