First Home turns into Investment property

[N.C Bailey]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $186,000
Cash invested: $39,000

Purchased our first property as a primary residence. Lived there for 3 years and then moved and started renting it out. Currently earning a profit of $200 per month after mortgage and expenses are paid.

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

We needed a place to live and it was within our budget and in a good area.

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

We used the MLS to find the deal and I got my license in 2017 so I negotiated the deal with the agent

How did you finance this deal?

FHA financing

How did you add value to the deal?

Painted the unit and the workshop in the back yard. Added window blinds. Trimmed all the trees on the property and kept it clean and in good shape. Added landscaping.

What was the outcome?

We had a beautiful home to live in.

Lessons learned? Challenges?

Buy something that you can afford. Live there for a year or two. Save up money and buy a second home and rent the first one out.

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

Kimberly Campbell