My first rental property purchase

[Vincent Miller]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $140,400
Cash invested: $40,500

Townhouse: 2 BR, 2.5 BA

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

This is my first purchase and I wanted the process to be simple, especially since it is 1,200 miles away from where I live. The property is newer (built 2006) with a near perfect inspection report and in a desirable neighborhood. Most importantly, the property should cash flow approximately $2,500/year.

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

I found the property through Roofstock.

How did you finance this deal?

Convential Loan with 25% down

How did you add value to the deal?

No value added. However, I believe it can be converted into a 3 bedroom. Before I sell the property, I will investigate the possibility of converting it to a 3 BR.

What was the outcome?

Waiting for a tenant

Lessons learned? Challenges?

Just as any home buying experience, there are a lot of moving parts. Since this property is out of state I had to rely on the team members to get their piece completed. Overall, the process worked fine with a few hiccups.

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

Roofstock was a good resource and the mortgage company, Cross Country Mortgage, was easy to deal with