Primary Residence turned into a long term rental

[Eric Prine]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $250,000
Cash invested: $75,000

This was our primary residence for 4 years and in October 2021 we turned it into a cash flowing rental property. The competition for rentals is so strong in this area we were able to get $100 more a month than we asked and a 2 year lease.

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

This was an easy lift. We bought 5 years ago. We know the house well and moved 3 blocks away so it was very easy to convert it into a long term rental.

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

we bought it during a very different market. We purchased it for $250k and it is worth about $325k now. We also have a HELOC on it.

How did you finance this deal?

Conventional loan.

How did you add value to the deal?

finished the basement and redid the kitchen and bathroom.

What was the outcome?

a class A rental in a Class A neighborhood.

Lessons learned? Challenges?

We should have asked for more rent :)

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

I had an agent when i bought but i am now a full time agent.