Rental Near Large Defense Company

[Bartholomew Perez]

Investment Info:

Townhouse buy & hold Rental investment.

Purchase price: $175,000

I relocated to the area when I made the purchase. My idea was to rent out my purchase and make sure that it remains rented based on the proximity to the manufacturing facility.
This continues to be a booming area for Defense/Aerospace/Manufacturing.

I'm also an Engineer at the Defense company so I know it will continue to grow.

The idea was to also learn as quickly as possible, so I decided to make this purchase with the intent to learn. Yes, cash flow was an objective, but the greater objective was to learn what to pay attention to when considering tenants and investments.

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

Using my MLS access. I am a Realtor. Received a 2,000

How did you finance this deal?

Conventional, 5% down. I made sure to ask for 2%, $3,500, of purchase price to go towards my recurring and non-recurring closing costs covered by seller. The difference was by my commission. I had money left over that went into my account. 

Lessons learned? Challenges?

The quality of the HOA really matters. The number of units and how many are owner occupied vs tenant occupied matters!

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

I am and will continue to be my own agent on all my deals because.... #ImUp2Something