First Investment Property!

[Adam Luftig]

Investment Info:

Single-family residence buy & hold investment in Akron.

Purchase price: $39,000
Cash invested: $5,000

This is my first investment property found through roofstock.com. Tenant occupied, rented for $775/month. Managed by AllStar Management.

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

Working with other investors, listening to BiggerPockets podcasts and reading several books, I decided to jump in and get started myself!

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

I found this home through Roofstock.com.

How did you finance this deal?

HELOC and 50/50 partner with a relative.

What was the outcome?

We inherited a tenant that wasn't paying unusually high water bills, and ended up leaving and breaking the lease in September. We had to turn the property around and make repairs for about $4500, and AllStar Management was able to find a new tenant in about 5 weeks.

Lessons learned? Challenges?

Inheriting tenants can be very unpredictable! Living out of state and trusting everything to a property management company is also a big risk. We weren't able to go after the tenant for breaking the lease because litigation fees would be too expensive and not worth the trip to Akron.