Waterfront Owner Occ to MTR

[Liam Naughton]

Investment Info:

Single-family residence buy & hold investment in Edmonds.

Purchase price: $725,000
Cash invested: $80,000

Helped my mom purchase this house as an owner-occupied property.
She lived there until she moved to Hawaii and now runs the asset as an MTR.
It's currently on a 3-month lease with a 10-month lease lined up for 2023.

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

Quality of life for my mom, she wanted a waterfront property.

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

It was on the market, we purchased at list price with no competition.

How did you finance this deal?

Conventional financing, owner-occupied 10% down.

How did you add value to the deal?

No value add here, we're just renting it out fully furnished now.

What was the outcome?

Cash flowing furnished rental.

Lessons learned? Challenges?

Be careful how many stairs you need to take to get to your property. This one has 48 steps to get to the front door, makes moving furniture/anything a bit tough, and narrows your renter pool.
We're currently renting to a traveling nurse with a working professional for the long-term tenant in the future.

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

Heaton Dainard real estate, yours truly.
People's Bank in Edmonds for financing.