Rental property in Fayetteville, NC

[Stephen Bardos]

Investment Info:

Single-family residence buy & hold investment in Fayetteville.

Purchase price: $48,000
Cash invested: $15,000

Great 1st floor, 3 bed/2 bath condo with patio right on the lake. Updated throughout with new appliances, lighting fixtures, carpet flooring, and bathrooms. Great room with wood burning fireplace. Minutes to Ft. Bragg. Access to community pool.

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

What I was looking for was passive income, and a rental property seemed to be a great way to achieve that.

What was the outcome?

I receive a reasonable and consistent passive income for my investment. The condo requires minimal upkeep, and the company that manages the HoA for the complex does a good job of keeping up on regular maintenance. They even lists the property for me whenever a tenant moves out, and screens and selects new tenants for me.

Lessons learned? Challenges?

I would advise anyone interested in owning a rental property to make sure they do a through cost analysis prior to purchasing. Look for any new construction that may drive your rental price down, account for regular maintenance and upkeep, and be sure to have a sufficient amount of liquid assets available at all times for if and when something needs repairs.