It’s something I was comfortable with, and confident in its rentability. With today’s low rates locked in for 30 years I am renting it for $650 over my mortgage payment which gives me a comfortable cushion if the economy tanks and I have to lower the rent price.

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

Zillow. Offered 10k over listed price but wasn’t willing to bridge the gap but I did offer to pay 1k over appraisal, luckily for me the appraisal came back at the original asking price and saved me $8k.

How did you finance this deal?

Conventional 20% down

How did you add value to the deal?

We painted inside and out, the flooring was in good condition so we just shampooed the carpet’s. The bathroom vanity tops where in terrible condition so I bought some clearance quartz counters and new faucets and installed those. I got 4 matching fans off Facebook marketplace for a steal and installed them in all the bedrooms and living room. I pressure washed off the black moss on the brick in the back of the house and back patio along with all other concrete surfaces which made it look new.

What was the outcome?

We got some good tenants and things are going great so far.

Lessons learned? Challenges?

Build a good team before starting, I didn’t do a good job of that and have found a new finance person who I will use in the future but didn’t help me on this deal. I’m still on the fence about the realtor I used I hope to replace her with someone maybe more aggressive. I learned I can’t make people go faster than they want to…

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

Yes I worked with a realtor, she did pretty good but not as good as another realtor I use in my home state, unfortunately she isn’t licensed in the state I’m investing in.

1 Vote

5 Replies

Jump to Last Reply

Our first rental buy and hold investment

Most Popular Reply