Church Hill rental property investment in Richmond VA

[Ben Layman]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $187,000

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

This was my first rental property investment.

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

It wasn't for sale, but I lived right next door. The contractor who did the rehab still owned it and i sent him a blind email offer. To my luck he was open to selling it.

How did you finance this deal?

Secured a commercial loan with a local lender.

What was the outcome?

I still own the property and it cash flows about $400/mo

Lessons learned? Challenges?

I wasn't able to secure a conventional loan because of my debt to income ratio at the time (i was self employed) so i had to go with the commercial instead.