First Rental Property

[Mike Webber]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $59,000
Cash invested: $11,800

I bought my first rental property and it has me excited to continue my REI journey and buy more.

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

I wanted a buy and hold rental that would cashflow. My area is extremely expensive and hard to cashflow, so I went out of state, with the help of David's book.

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

I found it through an agent, and I used the agent to help negotiate.

How did you finance this deal?

Local lender

How did you add value to the deal?

I made a few minor repairs. (Gutters, floor on the main level)

What was the outcome?

It is cash flowing well. It is still early to tell, but if I need just 5 percent for vacancy and 10 percent for all repairs it will cashflow very nicely.