First - Single Family Home Rental

[Lisa Cleveland]

Investment Info:

Single-family residence buy & hold investment in Mount Holly.

Purchase price: $225,000
Cash invested: $50,000

First Single Family Home Rental. Great learning experience not without challenges. My son has been my rock and balance!

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

I NEEDED to get someone, anyone out of my house! My son & his wife were living with me, due to me living in a 5 BR. Then my daughter moved back in with her 3 children. Wow! I just about lost my mind. I bought a SFH and my son is my Property Manager there. They pay full rent and he has already (thank goodness he is a plumber) had his fair share of fixes. I work full time and would have had a very hard time coordinating contractors for this. My son is diligently looking for our next SFH or STR.

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

Found it on the MLS. Paid asking price due to multiple offers. Everything in our area is getting asking price.

How did you finance this deal?

HELOC

Lessons learned? Challenges?

Lessons learned/Challenges: 1) have contracts with contractors prior to work being done. This saved me on a bad window installation deal. 2) have contractors in the trades that you trust. Luckily my son is a plumber and fixed a grinder pump that went in the middle of the night and he repaired leaking pipes, toilets, after moving in, etc.