Long term property investment

[Rolando Santiago Jr]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $133,000

A 3 bedroom, 2 bath, single family home with a two car garage.

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

I actually was not interested in investing at all. When the Army moved me to Clarksville, Tennessee I found out it was cheaper to pay a mortgage than rent every month.

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

I found this deal through Zillow and I offered the asking price.

How did you finance this deal?

I used a VA loan with no money out of pocket!

How did you add value to the deal?

Before I moved, I completely redid all of the floors and painted all rooms in the house. I also added chair rail to one of the rooms.

What was the outcome?

I ended up having it rented through Keystone Realty, which has a very small vacancy rate. I have nothing but good things to say about Keystone Realty in Clarksville.

Lessons learned? Challenges?

I didn't realize that repairs could be so expensive. HVAC and appliances are very costly. I should have invested in a home warranty.

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

The transaction was so long ago that I don't remember my agent's name. However, I would work with Veteran's Home Loans United again to process a VA loan.