Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
Followed Discussions Followed Categories Followed People Followed Locations
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 3 years ago on .

User Stats

26
Posts
16
Votes
Eric Prine
  • Real Estate Agent
  • Philadelphia
16
Votes |
26
Posts

Primary Residence turned into a long term rental

Eric Prine
  • Real Estate Agent
  • Philadelphia
Posted

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $250,000
Cash invested: $75,000

This was our primary residence for 4 years and in October 2021 we turned it into a cash flowing rental property. The competition for rentals is so strong in this area we were able to get $100 more a month than we asked and a 2 year lease.

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

This was an easy lift. We bought 5 years ago. We know the house well and moved 3 blocks away so it was very easy to convert it into a long term rental.

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

we bought it during a very different market. We purchased it for $250k and it is worth about $325k now. We also have a HELOC on it.

How did you finance this deal?

Conventional loan.

How did you add value to the deal?

finished the basement and redid the kitchen and bathroom.

What was the outcome?

a class A rental in a Class A neighborhood.

Lessons learned? Challenges?

We should have asked for more rent :)

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

I had an agent when i bought but i am now a full time agent.

  • Eric Prine