Updated over 4 years ago on . Most recent reply
Converting my primary residence to a Rental
Investment Info:
Single-family residence buy & hold investment in Allen.
Purchase price: $217,000
Cash invested: $15,000
1800sqft home, 4bd/2bath, walking distance to schools and major city park.
This home was my primary residence before getting married and relocating.
What made you interested in investing in this type of deal?
My financial analysis of this property took into consideration the price I could sell it for vs keeping it as a rental when refinanced. The numbers still made sense as a rental.
How did you finance this deal?
I took advantage of the really good rates available in 2020 and refinanced the property in my personal name.
How did you add value to the deal?
Complete repaint on the inside. Replaced the roof (black) with all new gutters (also black). Improved curb appeal with new sod and landscaping. Updated all hardware and fixtures inside the property.
What was the outcome?
Property was rented within 30 days of listing.
Lessons learned? Challenges?
We saw very little to no interest in the property during the week leading up to the US election and for a week after (lost 2wks).
There seems to be a max rental price barrier at 2K/month for properties <2000 sqft.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I utilized Hemlane Property Management sw to market the rental, tennant application, deposit and rent collection, maintenance requests. Highly recommend the Hemlane Tool.
