Rental Property West Knoxville A quality Tenants

[Jack J. Nowotarski]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $140,000
Cash invested: $8,000

Contributors:
Alison Nowotarski

Single Family 3/2 Br/Ba 1350ft^2 in a highly desirable neighborhood, strictly A quality tenants, 12 Month Lease, VRCM (10,5,8,0), Would love to pick up another few houses in the immediate area.

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

A combination of House Hacking and eventually listening to BP. We had been house hacking through AirBNB (in the good ole days) and eventually this led us to this opportunity.

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

Off-market, Co-Worker/Family Friend.

How did you finance this deal?

FHA, lived in the home for the first year of owning it and continued to House Hack.

How did you add value to the deal?

Minor aesthetic updates on the interior of the home, Brand New HVAC and ductwork throughout the entire property.

What was the outcome?

So far so good (knock on wood), the property is in high demand, and we are on our second set of A quality tenants. I have been asked by multiple colleagues and friends if and when the property will be available for rent. The screening and application process are fairly demanding and we will only accept the most qualified individuals for the property, which payment wise have been the most stress free and have yielded the highest consistent cashflow.

Lessons learned? Challenges?

Don't give new tenants an overly detailed check in list, the tenants will rate everything as low as possible to avoid responsibility if any piece of the property has been damaged. To cover your ASSets on this, DOCUMENT, document everything, take photographs and keep all receipts from cleaning crews and contractors whom have made repairs.

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

I worked with my wife and myself, this property eventually led me into the RealEstate industry and I am now a Residential and small Multi-family agent in the East Tennessee working with Investors as well as many First Time Home Buyer and individuals whom would like to begin in the Real Estate investing world.