My first rental property

[John Burke]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $118,500

My first home. Purchased for too much and taxes have raised too much, so I am now negative cash flowing with little equity gain.

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

I was interested in investing in my own property instead of paying off someone else's.

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

I went with a realtor who was the seller's agent and I barely negotiated at all.

How did you finance this deal?

VA mortgage.

How did you add value to the deal?

I improved the bathroom surfaces. The house was new when I bought it and needed little work.

What was the outcome?

I've reached the point where I either need to double down and refinance the house for better terms or I need to sell it for what little I can make.

Lessons learned? Challenges?

Learn how to negotiate. Just because you are happy with a deal, doesn't mean it's a good deal.

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

Century 21 Haggerty, they have been great property managers for me.