My family's first rental property

[Milagros Aspillaga]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $230,000
Cash invested: $230,000

Single-family home; no mortgage on the property; purchased brand-new; was originally supposed to be a retirement investment; buy and hold strategy in place; rented since 2015

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

It was a decision based on need because my parents (who own the home) moved in with me so they turned their home into a rental.

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

It was a cash purchase originally meant to be lived-in by my Parents.

How did you finance this deal?

Cash purchase

How did you add value to the deal?

It was purchased as a new model home in a newly developed neighborhood.

What was the outcome?

We have been renting it successfully since 2015

Lessons learned? Challenges?

It has a tremendous advantage in that the property is a new property with little or no maintenance issues.

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

Currently it is under management by a property management agency - Ambassador Realty