First Rental, as a 21 year old and selling it.

[Clint Diven]

Investment Info:

Single-family residence buy & hold investment in Lagrange.

Purchase price: $73,000
Cash invested: $9,000
Sale price: $121,500

My first rental and house. Got it as a foreclosure and fixed a few minor things. Maintained the same renters for several years. When they were late and stopped making the rent payments I was forced to evict them. I sold it to pursue other interest. Doing more research and investigations and analysis. I wish, I had kept the property and continued to rent it.

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

I was looking for an investment with a good return and stocks were and still do not provide the level of return, I view as worth the time and risk.

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

Driving around the town and connections with the local bankers.

How did you finance this deal?

Cash.

How did you add value to the deal?

Replacing the roof, HVAC, new flooring, paint, and appliances.

What was the outcome?

I made a profit it for several years as a rental, and then made a larger profit selling it.

Lessons learned? Challenges?

Handling and managing property as a young adult and not fully understanding the roll I was supposed to fulfill, I wish I would have kept it instead of selling it. I have learned how to better manage people and what to look for in quality tenets.

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

I worked with Julie Klein of Semonin of Louisville.