First Rental Property

[Ryan McKnight]

Investment Info:

Single-family residence buy & hold investment in Crestview.

Purchase price: $196,900
Cash invested: $14,000

3 bedroom, 2 bathroom, 2040 sq ft single-family residence on 0.34 acres

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

I originally purchased this property to build equity in a property and stop paying rent. At the time, I did not view this as deal, but rather a property to live in.

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

I found this deal through a real estate agent and negotiated to a price below asking price, based on my financial goals.

How did you finance this deal?

I entered the deal with no money down by using the VA loan.

How did you add value to the deal?

I added value to the deal by showing I had stable income and through a strong credit score.

What was the outcome?

I am about to rent out the property through a property manager once I move out of the property.

Lessons learned? Challenges?

Looking back, I wish I took the time to further analyze the deal, determine the appropriate cashflow, and have a real estate investor mindset. I experienced initial challenges understanding how to maintain the interior of the property and work alongside property managers.