First Investment Property.

[Ben Rodriguez]

Investment Info:

Single-family residence other investment.

Purchase price: $307,000
Cash invested: $61,000
Sale price: $375,000

investment property, purchased as a short term rental, then ran as a long term rental for 2 years. Sold just after last Tornado hit Nashville.

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

We were looking to expand our Airbnb business and found this property very close to the metro center and the highway.

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

We found it early on, did a walk through just after construction finished. Price was reasonable and we went in with asking price.

How did you finance this deal?

Conventional mortgage.

How did you add value to the deal?

We added a small fenced in area behind the house for pets to roam.

What was the outcome?

After we learned the challenges of short term rental, we moved to long term rental and was very fortunate to have no issues with tenants. Ended up selling the house when we moved out of town.

Lessons learned? Challenges?

I learned a lot about building a lease agreement that covered us as well as being fair to the tenants. Also found some great online tools to help with background checking applicants.

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

Our same Realtor and Mortgage lender for our primary residence. We will try to work with them as much as possible for future projects.