Owner Occupied Single Family Home - Rent out in a year

[AJ Satcher]

Investment Info:

Single-family residence other investment in Atlanta.

Purchase price: $222,000
Cash invested: $6,660

3 bed 2 bath 982 sq. ft, SW ATL
This will be an owner occupied SFH, which we plan on renting out at the end of our 1 year agreement with our lender. A low money down loan while preparing ourselves for our future tenants seemed to be an easy way for us to get our foot in the door, while also practicing home ownership. The goal is to rent in a year and repeat the process. If the market becomes favorable, we will also consider selling and using the proceeds for another investment.

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

Low money down and reduces my monthly expenses compared to what I will pay if I rent.

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

Agent

How did you finance this deal?

3% down 30 year fixed rate conventional

[Account Closed]

@AJ Satcher Congrats on the investment! 

Definitely a great way to start your home ownership and investing journey. This is a great way to get started and since you are living in it initially, residential financing is typically the cheapest. I like how your goal is to rent it out and hold on to it as a long term rental and then repeat the acquisition process again. Can consider refinancing commercially and then structure it more as a business at that time in order to hold on to it if you need to meet the qualifications on the residential side again. 

How well are your numbers and what main factors were you considering in moving forward with this deal?