Our first SF rental

[Rodney Brown]

Investment Info:

Single-family residence buy & hold investment in Coshocton.

Purchase price: $47,000
Cash invested: $52,000

3 bed 1 bath sf home, Purchased as a rental property. Did some minor updates and repairs and rented at $750/ mt beginning February 2019. Will refi to cash out and buy more.

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

Looking to buy properties with a minimum of $100 per door profit after Reno. This fit the criteria for that.

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

Purchased through local RE agent with standard negotiating. Listing price was 55k purchase at 47. Did not need a lot of Reno.

How did you finance this deal?

Got 30k from private investor and used our funds for remainder and Reno.

What was the outcome?

Have our first nice profitable low maintenance rental in our portfolio.

Lessons learned? Challenges?

Biggest challenge is finding a refi lender to finance below $75k loan.

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

We have a excellent young RE agent Tasha Jacobs C21 in Coshocton.