Primary house turned long term rental

[Bradley Lewis]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $258,000
Cash invested: $35,000

Put 3% down back in 2020 and got an awesome interest rate of 2.5% fixed 30 year conventional loan from the bank. Finally, almost 2 years later after living in it my wife and I decided that we were going to turn it into a long term rental. Real estate investing runs in the family so I figured I would continue on the journey. Thanks to BiggerPockets, I have learned so much more about real estate that I never knew before. The forums/podcast/books have helped me tremendously. Thank you!!!

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

Found on the MLS through a realtor. Negotiated by offering $5,000 more than asking and to fix all the issues found in the inspection. There was not much to do on the house so this made sense to us to offer to pay for repairs.

How did you finance this deal?

Only having to put 3% down allowed us to just use personal funds to finance deal.

What was the outcome?

Outcome is we now have our first investment property and are excited to start this journey into financial freedom.

Lessons learned? Challenges?

Fix repairs throughout the years of living in the home. I thought it was better to just wait till we moved out to fix everything at once. That was a big mistake as it lead to headaches and lots of stress.