Alexandria gold mine

[Jon Tripp]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $271,000
Cash invested: $13,000
Sale price: $449,000

Bought this as a property to live in initially and then rent out when we moved to our next house. I ended up renting as a standard rental, then as a corporate rental and then as a vacation property. Great first rental.

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

Honestly it was more of a forced savings thing. Then when we started looking at larger homes, I figured I'd rent out for a couple years to pay down mortgage and let the market appreciate it.

How did you finance this deal?

Standard residential financing: FHA loan

What was the outcome?

Sold at a solid profit.

Lessons learned? Challenges?

Probably could have sold earlier and saved paying capital gains (ouch).

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I'm a Realtor so I was able to handle the deal myself.