My First Rental during The Great Recession

[Account Closed]

Investment Info:

Single-family residence buy & hold investment in Perris.

Purchase price: $90,500
Cash invested: $19,000

My first rental was purchased coming out of the Great Recession for $90,500. It is now worth triple that.

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

I would have to say reading Rich Dad Poor Dad and a friend who was purchasing single family rental properties during the Great Recession.

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

It was a purchase of a bank owned property. Most of the properties we saw back then were vandalized, the copper wiring had been pulled, all the appliances and even the toilets had been taken. There were no buyers back then, so it wasn't very hard to close a deal.

How did you finance this deal?

Conventional loan

What was the outcome?

I still own the property. The rent has increased from $750/mo the first year we bought it to $1650/mo now. The house is now worth $300,000. I pulled $200,000 out of the property and am looking for my next move.