From "Forever Home" to 3rd Door

[Kelsey Porter]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $415,000
Cash invested: $41,500

This was intended to be our "forever home", that we ended up turning into a long-term rental this summer so that we could move closer to family.

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

This was supposed to be our "forever home".

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

Found on the MLS & since we purchased it in summer of 2021, there wasn't much negotiating to be had! We did, however, lock in a killer interest rate!

How did you finance this deal?

Conventional, 10% down, 2.88% interest.

How did you add value to the deal?

We were able to go down to my family's vacation home in Florida for a few months while the sellers rented back from us after closing. I think this was a huge part of why they went with our offer. We gave lots of flexibility and offered a pretty penny, but since our rate is so good, it made sense to hold onto this one as a rental rather than sell when we decided to move to be closer to family!

What was the outcome?

We got a great home that we are now able to rent out and turn a profit on each month.

Lessons learned? Challenges?

The lesson learned is to never get too attached to your primary...because someday it may be able to work FOR your family! There is a potential renter for nearly any type of property so before putting your home up on the market, try to make it work for you and add it to your rental portfolio if funds allow!

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

Yes! Me! I was the buyer agent for us on this one ;)