First rental property

[David Maxwell]

Investment Info:

Single-family residence buy & hold investment in Milwaukee.

Purchase price: $56,000
Cash invested: $12,650

Buy and hold rental property

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

Price for the property

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

Pre-MLS listed

How did you finance this deal?

Personal money

How did you add value to the deal?

New carpet, cleaning of the entire property, new insulation, new plumbing, new paint on 3/4 of interior walls...

What was the outcome?

During showings for tenants applicants everyone applied who saw the house. Everyone commented that they wanted to rent and live here.

Lessons learned? Challenges?

Start screening and showings sooner. Have a better screening system and response system in place. Maybe hire screening process out. Be more thorough during walk through. Cleaning takes longer than anticipated. Plumbing and electrical cost more than anticipated.

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

Real estate agent and foundation specialist.