Property finally rented out!

[Jason Wilson]

Investment Info:

Other buy & hold investment.

Purchase price: $62,000

I bought this house as a rental property over 2 years ago, but I ended up moving into the property. Fortunately, now that I moved out of that property, I have it rented out and after expenses I have about a $600 monthly cashflow.

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

It is an easy single story property, 3 bed/1 bath, That rents between $1200 and $1500 a month. Other than the mold behind the tub surround, all it needed was paint and new carpet. I did do more than necessary to the kitchen, but this is my first unit and I figure the kitchen will not need any updates for a while.

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

I found this deal on Realtor.com, it was a foreclosure, so negotiations were a little tougher. I talked them down $3,000 off the orginal price and I got $3,000 back at closing.

How did you finance this deal?

Since I moved in I got an FHA loan and put down 3.5% down payment.

Lessons learned? Challenges?

Looking back on it, I would have never moved into the property. I could have stayed at home and added a few more properties before officially moving on my own.