My first property (McDonald's #1)

[Timothy Livingston]

Investment Info:

Single-family residence buy & hold investment in Magnolia.

Purchase price: $201,000
Cash invested: $10,000

3 br 2 ba 1800 sq feet
Bought this house in 2016 as a first time home buyer with a VA loan. Replaced carpet with new plank flooring updated kitchen and replace some windows. This property is in a good area and gave me the opportunity to dip my toes into real estate and gain some experience and confidence.
Looking back, my payment was too high and as a future rental would have had a negative cash flow. However, bought that house under market value and had a good bit of equity built in at closing.

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

This was originally intended to be a primary residence

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

Found this on the MLS. Paid asking seller paid closing costs

How did you finance this deal?

With a VA Home Loan with 0 down

How did you add value to the deal?

Updated kitchen, replaced carpet

What was the outcome?

Property is currently listed.

Lessons learned? Challenges?

The biggest challenge has been being oversees for a lot. So owning and managing first property from a distance has been a little difficult. However, as I added new members to my team this has become less of an issue. Definitely having someone you work well with and trust is important.

Second lesson is buying a property that fits with my vision, which this did not.