Single family converted to rental
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $87,000
Cash invested: $3,000
Sale price: $131,000
Purchased in 2009 and made it a rental from Sept 2014 to 2022. Cash flowed about $800mo before I sold it.
What made you interested in investing in this type of deal?
I have always been connected to real estate. former realtor, mortgage broker, home and mold inspector, plumber, landscaper, general contractor and home builder.
How did you find this deal and how did you negotiate it?
My aunt was a realtor.
How did you finance this deal?
FHA
How did you add value to the deal?
Cosmetic remodel twice.
What was the outcome?
Walked away with about 50K in Cash, had cashflow for 8 years.
Lessons learned? Challenges?
Don't sell! Getting it rented the first time.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Realtor Stacy Bambakidis with the Solomon group. She is very invested friendly and owns rental units.