Starter Home House Hack

[Greg Bishop]

Investment Info:

Single-family residence buy & hold investment in Manayunk.

Purchase price: $200,000
Cash invested: $10,000

We bought our first home in 2011 with the intent to rent. After saving for 3 years we moved out and started renting.
It was our first steps into investing.

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

We weren't comfortable buying a duplex (a miss there) so we bought our first home with the intentions of renting it out when we moved. It's situated and a younger neighborhood perfect for renting.

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

Our fist realtor negotiated $40k off the asking price.

How did you finance this deal?

FHA loan. 3% Down.

How did you add value to the deal?

No upgrades needed.

Lessons learned? Challenges?

First rental, so we learned how to find tenants and deal with issues.