Second house purchase: Buy and hold

[Nicole Frey]

Investment Info:

Single-family residence buy & hold investment in Burke.

Purchase price: $675,000
Cash invested: $25,000

Purchased as a primary residence buy and hold property in the DC area. Focused on schools as well as commutability into the Pentagon as well as the VRE into DC.

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

Plan is to hold on to this property as DC will never lose value.

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

Found via the internet using Zillow and closed with an agent.

How did you finance this deal?

VA loan.

How did you add value to the deal?

BRRRR. We ended up rehabing all the hardwood floors, as well as adding a large pantry, and updating all the bathrooms. Refinanced this year and will continue to rent out.

What was the outcome?

Long play on this house. We feel in the long run she will be a cash-cow.

Lessons learned? Challenges?

Good decision to purchase in this area. House has only appreciated since purchasing in 2016.

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

No.