First rental property

[Josh Fralish]

Investment Info:

Single-family residence buy & hold investment in Albany.

Purchase price: $43,000
Cash invested: $8,600

First rental, 3/1 with large shed and yard studio apt

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

Talking with a good friend about how he became a millionaire then researching how to buy rentals on YouTube.

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

Found this deal on Facebook marketplace

How did you finance this deal?

Unfortunately I had to sell my boat to get the down payment.

How did you add value to the deal?

I bought the house in a great neighborhood and it was undervalued.

What was the outcome?

First 2 months rent covered the rehab but now it should start to cash flow

Lessons learned? Challenges?

Find a great rental manager when getting started.

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

Jackie Dixon with One Key Reality

[Josh Fralish]

@Terry N. Yes some do both, but a good manager will stay very busy. They might not help you look for properties but they may know of some. Dont expect a manager to be as active as a realitor. I only use a manager and she has her realitors license as well so she can do all the paperwork for a deal if I find a FSBO. I like to try to find a property instead of using a realitor so my manager is good enough for me because she can right up contracts if I need her too. Also if I find a house already on MLS she would represent me on the buyer side.