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All Forum Posts by: Philip Anderson

Philip Anderson has started 6 posts and replied 11 times.

Classifieds

Post: First home turned LTR

Philip AndersonPosted
  • Posts 11
  • Votes 21

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $490,000
Cash invested: $100,000

First home. refinanced to buy our next home and working farm and rent this one as a long term rental. It is worth 1.1 million and we owe 470,000 with 900 monthly cash flow.

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

It was our first home and wasn't thinking we would rent it.

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

Looking for a house for our little family.

How did you finance this deal?

conventional loan

What was the outcome?

Still holding. 900/mo cash flow.

Lessons learned? Challenges?

Find a good tenant who will take care of the property. Do not have a long term rental in CA if you are reliant on the rent to make the mortgage payment.

1 Vote