Rental property investment

[Account Closed]

Investment Info:

Single-family residence buy & hold investment in Valley Station.

Purchase price: $110,000
Cash invested: $35,000

4 BR 1 BA Cape Cod

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

Good rental property, good area of town

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

Worked with my real estate agent. I used the Bigger Pockets Tools to determine the #s, and help us decide whether or not it was a good deal.

How did you finance this deal?

HELOC for the down payment, and conventional mortgage for the remainder

What was the outcome?

We closed on the property at the end of 2018!

Lessons learned? Challenges?

We looked at more than 15 properties, put in offers on 4, and spent money on home inspections that we could have avoided. With the help of our agent, we devised a plan to avoid scheduling a home inspection until after doing our due dilligence on the questionable areas of a property.

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

We had the best real estate agent working with us. His name is Anthony Hall, and is an agent for Semonin Realtors in Louisville, Kentucky. Anthony was always available to answer our phone calls, questions, or meet us at a property. He treated us as his top priority and offered good advice when we needed it. Anthony is so pleasant, patient, knowledgeable of all neighborhoods around town, and experienced in real estate. We feel like we hit the jackpot with Anthony!