Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 5 years ago on . Most recent reply

User Stats

3
Posts
0
Votes
Sean Winter
  • Investor
  • Indianapolis, IN
0
Votes |
3
Posts

My First Rental Property Deal

Sean Winter
  • Investor
  • Indianapolis, IN
Posted

Investment Info:

Single-family residence buy & hold investment in Indianapolis.

Purchase price: $105,000
Cash invested: $28,000

This first purchase was a home run for me. It was important that I had a significant equity position for my first deal. I am also still able to generate great cash flow on a 15-year fixed mortgage.

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

The deal was too good to pass up!

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

I fortunately knew the owner and was able to swoop in at the right time and take it off his hands. The owner was going through some personal distress.

How did you finance this deal?

Conventional 15-year fixed.

How did you add value to the deal?

Fresh coat of paint, deep clean, and updated the vanities.

What was the outcome?

A stable cash flowing rental property.

Lessons learned? Challenges?

I was a little exposed financially after buying and adding a little value to the property. Luckily I didn't run into any problems...but next time I'll have more cash reserves set aside.

Loading replies...