Primary Residence Turned Rental Property
Investment Info:
Single-family residence buy & hold investment in Concord.
Purchase price: $219,500
Cash invested: $75,000
Ranch-style SFR, 3 bd, 2 ba, semi-open concept for a 1955 built home. 1796 sqft on 0.25 acre lot. 2-car garage was converted into what could be used as a bedroom because it does have closets, but it also houses the furnace and water heater. 1-car garage was added on. Has 2 small decks out back - 1 from the living room, 1 from the master bedroom.
How did you add value to the deal?
I have remodeled both bathrooms and did a small remodel on the kitchen - cabinet refacing and slate tile floor.
Lessons learned? Challenges?
1. Screen tenants well. Make sure they have plenty of income - I require 3xs the rent. Check references.
2. Inspect regularly.