My 1st SFR rental in a hot market

[Steve Garner]

Investment Info:

Single-family residence buy & hold investment in Bend.

Purchase price: $139,500
Cash invested: $139,500

3/2, 1200sf, annual lease, long-term renters.

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

It was a Short Sale but we had been looking in Bend, one of OR's fastest growing cities.

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

RE Agent brought it to us.

How did you finance this deal?

Cashed it out via our i401k

How did you add value to the deal?

Shopped the city for several weeks, knew it was below Market Value. No added capital; just rented as is. Zillow now has it at $400k after 8.5 years.

What was the outcome?

Bank and owner accepted our offer.

Lessons learned? Challenges?

RE Agent did the wrong/not allowed thing (not illegal, he was unaware it was not allowed) that got us the deal.

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

Subsequent actions by RE Agent do not enable a recommendation.