First single family rental

[Collin Schulte]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $38,500
Cash invested: $18,500

Bought a single family home, did some minor upgrades and got it rented out

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

It was something I could afford without financing

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

I found this deal through a member on BP

How did you finance this deal?

Used an option to take a loan from my 401k

How did you add value to the deal?

The house needed new flooring and cosmetic repairs to get rent ready

What was the outcome?

The property is now rented for 975 a month

Lessons learned? Challenges?

Biggest lesson learned was that getting a refi on a house that is only valued at 75-80k is not going to happen. If you want to do a BRRR make sure the final valuation will be high enough for a refi

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

I would recommend working with Stephanie Ford