Updated about 1 month ago on . Most recent reply
Turning a first home into a rental during COVID 2020
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $255,000
Cash invested: $25,000
STR 3/2 seasonal.
What made you interested in investing in this type of deal?
Always wanted to have rentals after my friend ( owns a property mgmt co.) spoke to me about STR after building my new 3/2 home. That conversation stuck with me from then on. I could not convince my then wife to make that a rental. Fast forward some years later, my wife and I have two rentals. We are working towards making our current home a rental while moving into our new forever home.
How did you find this deal and how did you negotiate it?
My wife bought this 18 months before we meet. She locked in @ 2.5% 20yr. The principal is dropping fast.
How did you finance this deal?
FHA mtg. then refi @ 2.5 with better mtg. Was the easiest ever.
How did you add value to the deal?
New flooring installed during the off season. Small fire pit, bunk beds, all SS appliances.
What was the outcome?
Steady rental history 5 years strait.
Lessons learned? Challenges?
Having a good emergency fund.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Currently helping my son with his first purchase (VA) with an agent who has a couple long-term rentals himself. Looks promising for like minded investments. Update to come.
