Second Rental (Large)

[Roberto Sembiante]

Investment Info:

Single-family residence buy & hold investment in Norfolk.

Purchase price: $307,500
Cash invested: $3,695

6 Bedroom, 5 Bathroom Renovated Single Family Home.

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

I wanted to experiment in the college rental scene in Norfolk near Old Dominion University. I figured since students like to live in a house with all of their friends this would suffice well.

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

I found it driving and saw that it was on the market for 120 days, so I negotiated it from 320,000 to 307,500

How did you finance this deal?

VA Loan 0% Down

Lessons learned? Challenges?

No one found out that there was no CO for the property. I left for deployment a couple weeks after closing and found out when trying to hand it over to the property management agency. That left me with the property and no renters for my 6 month deployment. I learned all of the ins and outs when it comes to the City of Norfolk and getting a CO.

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

Sherry Reid of TowneBank. The best lender you can ever ask for, highly recommend!