First Townhouse Rental

[Roberto Sembiante]

Investment Info:

Townhouse buy & hold investment in Norfolk.

Purchase price: $102,000
Cash invested: $25,600

First rental in which I learned so much from, the hard way. Invested too much in the rehab that was not necessary. Learned a lot of lessons when it comes to analyzing properties, working with contractors, property managers and leveraging money.

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

First time buying real estate, took my brokers word that it was a good deal to start with.

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

My broker found it for me and did the negotiating.

How did you finance this deal?

Conventional Investment Loan at 4.8%

What was the outcome?

I learned more lessons than I could imagine, as most people do when they dive in.

Lessons learned? Challenges?

Do not take peoples word for something, do your due diligence, do not overdo rehabs and leverage your capital wisely.

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

Jeffery Depriest (Broker in Virginia) from Prodigy Realty. Powerhouse of an agent who knows what he is doing and will get the job done.