1st Investment Property

[Paul Kovar]

Investment Info:

Single-family residence buy & hold investment in Saint Petersburg.

Purchase price: $176,500
Cash invested: $20,000

Purchased and moved from the place I was renting with my two roommates. Charge them very cheap rent that covers my mortgage. Planning on doing a cash-out refinance to further build the portfolio after a few more repairs.

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

The opportunity to build wealth in an emerging neighborhood while eliminating monthly rent payments.

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

Found it by driving around with my mentor in neighborhoods that he was investing in. Was able to purchase by leveraging the city's and neighborhood's down payment assistance program.

How did you finance this deal?

30 year mortgage and down payment assistance program.

How did you add value to the deal?

Fresh paint, floors/carpet, plumbing repairs, electrical repairs, soffit repair, vapor barrier in crawl space, all sorts of stuff!

What was the outcome?

Only about a year in

Lessons learned? Challenges?

Tons of lessons and even more challenges

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

I worked with myself (an agent) and would recommend working with me in the future.