My Third Rental Property Purchase

[Account Closed]

Investment Info:

Single-family residence buy & hold investment in Perris.

Purchase price: $182,000
Cash invested: $38,000
Sale price: $290,000

4 bedroom, 2 bath single family home that was older, but had great reno value b/c you could tear down a wall and open the whole living/dining kitchen up

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

Since I had a few deals of the same nature, buy and hold single family residences, it was a no-brainer.

How did you finance this deal?

How I financed this deal is actually an interesting story...my dad had given me money to pay off my student loans. Something about paying off my 3% student loans didn't sit right with me when I could use the money to purchase another rental property. After crunching the numbers several times, I decided to forgo paying off my student loans and buy my third property...I still have those student loans!

What was the outcome?

I ended up doing a 1031 Exchange to purchase a larger home in a more desirable area of Perris.

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

Patricia Campos