Updated over 3 years ago on . Most recent reply
Investment Rental Property in Northern California
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $400,000
Cash invested: $30,000
Two homes on one lot with a pool! Bought fully furnished and turn key. The main house is a 2/1 vacation rental. Doing short term rental to traveling nurses and professionals in back studio.
What made you interested in investing in this type of deal?
We liked that we could live in one house and rent out the other.
How did you find this deal and how did you negotiate it?
We found it on the local MLS. We offered $25,000 over asking and forfeited my commission.
How did you finance this deal?
Primary conventional with 5% down. We lived in the back studio and rented out the main house. We rented it for enough to cover out mortgage and utilities.
Lessons learned? Challenges?
Purchasing a home with a pool is awesome! But it is a huge added expense that we didn’t totally account for. The home is also very high tech and we’ve learned the simpler is better when it comes to vacation rentals.