Starter Home turned Rental Home

[Joe Herridge]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $92,000
Cash invested: $30,000

Bought as our starter home with intentions of renting out after a few years of living in it. We loved it and did not move out for 10 years! (We bought 2 rentals as in the 10 years).

How did you finance this deal?

3.5% Down, FHA, Foreclosure

How did you add value to the deal?

Negotiated out need for 3rd party repairs and put in "sweat equity" There were only appliances and light fixtures/fans missing.