1914 Fairview Avenue

[Amy Templeton]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $113,000
Cash invested: $5,000
Sale price: $130,000

This property started out as our personal home and when we decided to upgrade in July of 2012, we held onto this home as a rental. In November of 2017 we decided to sell, knowing we'd like to start investing in Multi-units rather than singles as the profits weren't what we wanted on this property.

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

We actually went to personally refinance our home and found out we qualified to move on and hold this as a rental. We kind of stumbled on the option, and had always been open to the thought of holding the property as a rental.

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

The property came available thru word of mouth and the owners offered us first dibs. The home was listed for 104,900 and we were able to purchase the home with no money down with the programs available at the time.

How did you finance this deal?

FHA Mortgage

Lessons learned? Challenges?

Always hire a professional to vet your tenants if you don't know how to personally. I wasn't practicing real estate at the time and we found our own tenant & had to chase down rent every month. We opted to have their 1 year lease expire and not renew rather than evict, which was the right choice. The property sat vacant from August 2013 thru February 2014, nearly draining our savings at the time. The next tenant was vetted by a realtor and was a great, living there until we decided to sell.