2nd Property Married Couple Working Together

[Jon Schumm]

Investment Info:

Single-family residence buy & hold investment in Nashville.

Purchase price: $310,000
Cash invested: $15,500

This is a live in long term rental. My wife and I are expecting our 1st child and she wanted to have her own space. I wanted a cash flowing duplex. This is what we ended up with #marriage

Current Market rents are $1850 for the area. We will be moving out after 1 year. We put 5% down. Our other house covers all expenses of this house.

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

Wanting the best for my family, and our financial future.

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

MLS. Since I'm an agent, I was specifically looking for properties that fit our criteria. I saw this properties as coming soon, and had an offer in before it was on the market. Though the house was a little bit over priced, we had seller pay for closing costs, since my wife and I were low on capital.

How did you finance this deal?

My wife had a Roth IRA since she was 20 years old. We gathered the down payment from that, then used a Conventional 5% Down Payment.

How did you add value to the deal?

Changing the Florida room, into a bedroom. Letting the current market continue to appreciate.

What was the outcome?

We got our 2nd property within a year of our 1st. The 1st's Income covers all expenses of both houses, and in one year, we will have 2 rental properties.

Lessons learned? Challenges?

When investing with your significant other, it's us before me. I wanted a cash flowing duplex. You know, something that made financial sense. Since we are pregnant with our 1st, she didn't want to be sharing walls with other people. Therefore we found something that worked for both of us. Is it the best rental property ever? No. Is it the best rental property for us right now? Yes.

We bought our daughter a house, and are working together for our family's future.

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

Jon Schumm, and Magnolia Title & Escrow.