First Buy and hold property!

[John Hamilton]

Investment Info:

Single-family residence buy & hold investment in Aberdeen.

Purchase price: $175,000
Cash invested: $35,000

First buy and hold property.... 3/2 1400Sq/ft $175k rents for $1400

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

Prices are extremely competitive in our area and this was a cookie cutter deal. I knew I could get $1400 a month on the deal and there are new developments going up at the entrance of the community.

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

Found the deal through a family friend that is a realtor and jumped on it. There were five full price offers on it and I had the cash sitting around.

How did you finance this deal?

Conventional loan

How did you add value to the deal?

No value added yet. I will redo the floors and paint in the next year or two and sell it for close to $200k. Everything in our area has been climbing consistently.

What was the outcome?

Outcome was ok....we cashflow a little over $450 a month and found renters immediately. I wish I would have known more to do more with the money, but it was a great learning experience.

Lessons learned? Challenges?

No challenges yet... Just learned more since I have done the deal and the potential I had to make more on a flip or BRRRR. I am active duty military so, time is extremely valuable and I didn't have the time then to do the work necessary.