1st Primary Residence = 1st Investment Property

[Adam Ward]

Investment Info:

Townhouse buy & hold investment in Boynton Beach.

Purchase price: $215,000
Cash invested: $43,000

Bought my first place back in 2015 as my primary but work took me across the county to Oregon. Decided to hold on to property and rent out. It has been renting for 5 years now.

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

I knew when I bought a property I wanted to buy a property I could easily rent as my work moves me around alot.

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

Relied on my relator for everything

How did you finance this deal?

I had 20% saved up

How did you add value to the deal?

I did not

What was the outcome?

Purchased the property

Lessons learned? Challenges?

I had a great property manager and then he sold his business. New guy was awful at first, the person I was working with couldn't get property rented for 4 months, turns out he wasn't actually doing anything. Owner of company stepped in and got it rented in 3 weeks. Lesson learned is don't stay with a property manager because they are cheap, you get what you pay for.....