My First Rental Which I Hope Leads to More

[Eric Lee Nation]

Investment Info:

Single-family residence buy & hold investment in Wichita.

Purchase price: $49,900
Cash invested: $11,700

2/1 needs updated. I got a commercial loan for 4.29% 5 ARM 25 year loan. Appraised 82k. 6 months to get updates done so i can draw from loan up to 65k.

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

Landlord was selling at county assessment getting out of the business.

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

Inspector I used for another property told me he knew a landlord trying to sell several houses.

How did you finance this deal?

Commercial loan thru bank

How did you add value to the deal?

Helping a landlord getting out of business

What was the outcome?

I bought it

Lessons learned? Challenges?

Maybe find a private lender instead to get better mortgage rates. I just wanted to get something under my belt without having to spend alot of my own money.

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

No