House Hack Turned Permanent Income Property

[Brian Lemmel]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $95,000

This was our first home and converted to a rental after we moved out.

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

Family held rentals.

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

House hacked it. Lived in it then kept it as a rental

How did you finance this deal?

85% convential
15% down as a loan with my grandmother.

How did you add value to the deal?

Built a garage and recently completely renovated it.

What was the outcome?

Rent jumped from $900 a month pre reno to $1445 post reno

Lessons learned? Challenges?

Renovations are always challenging, but return on investment will be tremendous. This is a permanent rental for us. We use the 426sqft garage as personal storage at zero cost. This will be part of our retirement income

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Desert Sun is our go to for all things Real Estate