Own Home Turned Into Rental

[Celena Strong]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $250,000

Used to be our own home then we moved out to move and rented this one.

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

Attended a lot of real estate seminars and wanted to get this done.

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

Lived in it for 4 years.

How did you finance this deal?

conventional loan

How did you add value to the deal?

Did not have to do much to the property. Just had it professionally cleaned, and reglazed the master bath tub. That was it.

What was the outcome?

Got a real estate agent, had an open house for rental units, found a reputable older couple who are empty nesters. A year later, we refinanced and raised the rent. Locked them in for another two years.

Lessons learned? Challenges?

Not really any challenges.

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

Yes.