Single family home on large lot with storage units and tiny home

[Will Lenz]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $200,000
Cash invested: $80,000

On this site, I also own and rent a tiny house that I built in 2015. Additionally, there are four storage units ranging from 550-750 sq feet that are rented out as well.

What made you interested in investing in this type of deal?

We wanted a place to park our tiny home and start a large garden. This single family home was on a 3/4 acre lot that had plenty of room for us, plus a tenant who wanted to stay in the single family home.

How did you find this deal and how did you negotiate it?

Realtor.com. The house was listed as pending and we reached out and said we were interested if it fell through.

How did you finance this deal?

Half down and half loaned from family.

How did you add value to the deal?

Brought tiny home to site and built 400 sq foot deck around it.

Started urban farm on site

Single family residence - new roof, stucco repair, paint, new fascias, 300 feet of new fencing

What was the outcome?

Living in our tiny home onsite allowed our tenant to cover the mortgage while we aggressively saved up to buy the home we live in now.

Lessons learned? Challenges?

Don't share a mail box with a tenant, get a po box.
Keeping tenants can be great, but there will be resistance when you change things up. Know that it is your property and what you want/ say goes.