Here is my first rental property! After learning the wealth building potential of real estate investing and having read what felt like ALL the books on REI, I knew it was time to get my feet wet. I wasn't looking for a home-run, just a base hit. Just something to get in the game, so I decided to do conventional lending on an on-market property in Casa Grande. It's turned out to be a great investment with strong cash flow and it's appreciated considerably even in the small time I've owned it.

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

At the time, a newer turn-key property like this was attractive to me as a rental because capital expenditures would presumably be at a minimum over the next decade.

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

I worked with an incredible agent to help me locate this deal - Melanie Johnston. I was actively on the BP forums, and I noticed Melanie was answering all of the questions the people were asking, and I realized she was someone I needed to work with. I reached out and told her my goals, and then we went on the hunt. Melanie and I have become good friends and she is now an integral part of my real estate team.

How did you finance this deal?

Convention financing with saved income.

How did you add value to the deal?

This property was in large turn-key. I added some new carpet, fresh paint, and installed a glass shower door for the walk-in shower. Other than that, a little cleaning here and there and it was ready to be put on the market.

What was the outcome?

The outcome was great. I have a tenant in there now with $400/mo cash flow (after expenses) and I am very happy with this as my first rental property.

Lessons learned? Challenges?

Would I take this same approach again for a my next buy/hold property? Likely not, because I've learned so much since then including different strategies for investing in buy and hold properties, but this property was exactly what I needed, a foot in the game.

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

Absolutely! Melanie Johnston has been an invaluable asset to my team. She has years of knowledge working with investors, and she has the heart of a teacher, no better combination in my opinion. https://www.biggerpockets.com/users/melaniejohnston