Investment Info:
Single-family residence buy & hold investment.
Purchase price: $118,000
Cash invested: $118,000
This was my first deal, which I bought right when the market crashed, so I think I got really lucky.
What made you interested in investing in this type of deal?
I was determined to get a rental. I had watched my mother-in-law buy a bunch of rentals, and I thought 'I really want to do that!'.
How did you find this deal and how did you negotiate it?
I found it on the MLS.
How did you finance this deal?
This was a cash deal.
How did you add value to the deal?
Initially, I spent about $10000 on improvements, it did not need much. Over the years I've added a new AC unit, widened the driveway, had the trees trimmed , but have not had to do too much, to be honest.
What was the outcome?
Still a great rental, and my current tenant has been in there for about 8 years now. I could modernize it, but since my tenant is happy & paying every month, I'm just leaving it alone.
Lessons learned? Challenges?
I learned that it's not necessary to fix something that isn't broken... I had the bathtubs and tile replaced, even though they were ok, just ugly... I could have had them resurfaced. Sometimes, when you start a project, then it leads to a whole bunch of other stuff.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I represented myself.
