Our first rental was or primary residence.
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $169,000
Cash invested: $20,000
This was our primary residence that we have since converted to a long-term rental.
What made you interested in investing in this type of deal?
We are just beginning in RE investment. Our Mortgage was low enough that it made since to use the property for long term income.
How did you find this deal and how did you negotiate it?
This was a primary residence converted to a rental.
How did you finance this deal?
Conventional
How did you add value to the deal?
We did most of the rehab ourselves.
What was the outcome?
We are cash flowing $800 a month.
Lessons learned? Challenges?
Managing your own property is difficult and time consuming.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am a licensed realtor.