Primary converted to a rental
Investment Info:
Single-family residence buy & hold investment in Miami.
Purchase price: $185,000
Cash invested: $15,000
Primary home for 7 years converted into rental and purchased another primary.
What made you interested in investing in this type of deal?
First home purchase
How did you find this deal and how did you negotiate it?
on MLS before i knew about BP!
How did you finance this deal?
Traditional FHA loan finance 3.5% down
How did you add value to the deal?
Minor updates while living in it for the past 7 years, Appreciated in value over time.
What was the outcome?
Cash flowing rental for years to come!
Lessons learned? Challenges?
When i purchased i thought this home was expensive, but watching the area blow up around me was absolutely worth the wait.