My first true rental!

[Chris T.]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $200,000
Cash invested: $40,000

Single Family Home, originally owner occupied. Three bedroom, two bath, two car attached garage.

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

Something inexpensive as a first single family home that is in a good, safe area with a growing economy near major access roads.

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

Honestly, it was when things were selling like crazy! I went to see it with my realtor and was in there for maybe 20 minutes. Came out the front door and there were already two other parties waiting to see it, and we then learned the seller had already received an offer. After being outbid the last two times, by cash bidders that offered over the asking price, I made an offer right then and there!

How did you finance this deal?

Typical fixed mortgage with a decent down payment

What was the outcome?

Still have it to this day! Have had a great tenant with few issues.

Lessons learned? Challenges?

Be flexible and generous while planning vacancy rates, especially in the winter months! I think it was just under a month - but there were items I missed to address before renters could move in.