First SFR Investment

[Sean L.]

Investment Info:

Single-family residence buy & hold investment in Davenport, IA.

Purchase price: $90,000
Cash invested: ~$20,500

3/1.5 SFR in IA. Expected to Cash Flow ~$200-240/month after all expenses. 

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

I wanted to pull the trigger on my first investment in 2020 and a lower-priced, turnkey SFR property seemed to fit the bill for my first acquisition. I'm in a high CoL area so chose to go remote.

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

I worked with one of the turnkey providers mentioned on BiggerPockets.

How did you finance this deal?

Conventional Mortgage - 20% down

Lessons learned? Challenges?

I probably jumped in a little more quickly than I should have. I underestimated taxes and insurance which will eat into my originally underwritten cash flow projections. I'm also learning what reasonable expectations are for communication timelines from my PM. The property was occupied when I closed in early November 2020 and as of mid-January 2021 I'm still waiting on my first rent checks and statements ect.