Saddleridge Drive Property

[Brian ORourke]

Investment Info:

Single-family residence other investment.

Purchase price: $157,000
Cash invested: $3,000

First investment property. This can be improved and increased cash flow.

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

Equity in property. Older home but semi-upgraded interior.

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

Wanted to live in property for 1 year. Now it is rented.

How did you finance this deal?

VA Loan

How did you add value to the deal?

Gutters installed, new bricks,new toilet, new garbage disposal, extended fence, tree torn down, 3 stumps removed.

What was the outcome?

Renters loved it and it was on the market for less than 10 days before I had multiple rental offers.

Lessons learned? Challenges?

I stayed firm on my rental price. Agent told me my price was too high. I think I could put some $ from equity into an upgrade and get even more rent by adding square footage to the home.

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

No. Rented by myself.