My first property in Vancouver, WA

[Bryan Parmenter]

Investment Info:

Single-family residence buy & hold investment in Vancouver.

Purchase price: $493,000
Cash invested: $123,750

First rental property in a while. Positive cash flow but maybe not the best cash on cash but the intention as well is to eventually allow for my spouse or my aging parents to move close, if they need to.

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

Close location plus we had always wanted to find a place that was close for future family members.

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

Neighbor mentioned a family we knew was getting ready to move and was getting the house prepped.

How did you finance this deal?

I was impacted by Covid due to furlough for work and took advantage of the opportunity to take money out of my tax deferred IRA as well as some of my contributions from my roth IRA. Financed the rest through a conventional investment property mortgage. Got a rate of 2.875 for it so that was nice.

How did you add value to the deal?

None needed

Lessons learned? Challenges?

Had some money from the seller for closing costs. Ended up not using all of it. I didn't really follow up enough with my lender to ensure that we used as much as possible to pay down points or even to drop the price more with the buyer. While this investment is positive cash flow and meets the needs of the intent that we have for it, we will look at better cash on cash in the future.