Second Investment Property

[Adam Luftig]

Investment Info:

Single-family residence buy & hold investment in Akron.

Purchase price: $45,000
Cash invested: $2,000

Owner occupied 2 bedroom home that was up for sale. I bought it and turned it into a rental property managed by AllStar Management. Currently rents for $745/month.

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

Already had one investment property in Akron and found this one which looked very promising.

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

Zillow, as soon as it was listed on the MLS I jumped on it. Used a broker in Akron.

How did you finance this deal?

HELOC and 50/50 partner with relative

What was the outcome?

Still rented. Maintenance costs have been a bit more than projected, but overall a good investment.

Lessons learned? Challenges?

When buying an owner occupied property and turning it into a rental, have a clear plan to get it rent ready and marketed as soon as possible.

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

Dennis Angerstien - Broker