Updated over 4 years ago on . Most recent reply
First Rental Property!!!
Investment Info:
Single-family residence buy & hold investment in Nevada.
Purchase price: $118,000
Cash invested: $5,900
1958 3 Bed/2 Bath 1104 Sqft
Lot 9060 sqft
Rehabbed 2020
Rented for $900/month (Can charge up to $1050/month)
5% each: Capex/Vacancy/Repairs & Maintenance/Property Management
Cash Flow Currently: $58
Potential cash flow at market rent: $178
What made you interested in investing in this type of deal?
The property is near my daughter's college. I did not want to worry about her so I went with a property that had been rehabbed to the studs with new...everything.
How did you find this deal and how did you negotiate it?
MLS; through realtor
How did you finance this deal?
Lender financed with 5% down.
How did you add value to the deal?
Fence, security system, dishwasher
What was the outcome?
Property originally listed for 126,900.
Lessons learned? Challenges?
The lender does not need to know everything.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Zachary Hughes, a new agent with Keller Williams. Zack is honest, did a great job of staying connected & keeping me updated. I would recommend him. We worked together for a couple of months looking for the right first property. We are looking for my next investment in the KCMO area. He is a great resource for me as an out-of-state investor, recommending on and off market properties. He is hungry to learn and has read books, listened to recommended podcasts, & learned how to analyze properties.