First buy & hold investment property

[Raffi Cote]

Investment Info:

Townhouse buy & hold investment.

Purchase price: $199,900
Cash invested: $24,000

Bought this first rental property, did a mini rehab, and got tenants in paying rent within 1.5 months.

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

I wanted a hobby that’s fun and creates passive income.

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

I used an agent who fortunately understood some about real estate investing.

How did you finance this deal?

30yr fixed conventional loan

How did you add value to the deal?

Mini rehab

What was the outcome?

Increased equity, but pending new appraisal.

Lessons learned? Challenges?

Learn and ask as many questions as you can from those you’re utilizing as your team like agent, lien holder, etc.