Second Investment: SFR near University

[Steven Pool]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $55,000
Cash invested: $13,443

SFR with long term tenant of over 10 years.
Rent hasn't been raised entire duration of tenancy which has it at $275 below market rent.
After purchasing the property I spoke with the tenant and explained to him that the rent would raise each month (after this next month) by $100 until it is at market rent. He understood and signed the rental agreement and Rental Increase Schedule I created.

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

Very near local University

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

Zillow, Trulia, Realtor

How did you finance this deal?

30 Year Fixed Mortgage

How did you add value to the deal?

Will be replacing the 30 year old HWH and renovating the upstairs bathroom

What was the outcome?

Too soon to tell.

Lessons learned? Challenges?

Too soon to tell.

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

Jamie Dalbec with Coldwell Banker
Mark Anunti with National Bank of Commerce