Residential to rental

[Stacie Welch]

Investment Info:

Single-family residence other investment.

Purchase price: $325,000
Cash invested: $30,000

Bought as a residential property using VA loan. Added a 5th bedroom, redoing all flooring in house, and painting. Needs a new roof. This will be our first rental property with expected cash flow ~$400 a month and large appreciation if we did decide to sell.

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

It's a good way to get started with REI. The property analysis showed positive rental cash flow once we move out.

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

My friend and real estate agent.

How did you finance this deal?

VA loan

How did you add value to the deal?

Added bedroom, redoing flooring, bathrooms and roof. Might rent out as two units.