Started by accident, now want to buy more property

[Amy Mead]

Investment Info:

Single-family residence buy & hold investment in Gloucester.

Purchase price: $380,000
Cash invested: $40,000

Bought this property as a lease back for housing for our out of town business, hence the low cashflow because we rent this to our company. Now that it has appreciated I want to turn this into a short term rental and purchase a more comfortable property to rent to our business for housing.

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

I only purchased because I could not find anything to rent for my husband and one of our workers who work out of town. I only realized the value of the lease back after I purchased it and my accountant at the time mentioned that we could rent it to the business.

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

I used a local realtor

How did you finance this deal?

My small bank that I have a relationship with, they later sold it and we later refinanced when rates were low.

How did you add value to the deal?

We did the outdoor patio over, and improved the

What was the outcome?

I have not decided whether to sell it and take the equity or use it as a short term rental.

Lessons learned? Challenges?

The lesson I learned was that I should have purchased a property much sooner than I did. This has been an excellent investment and has given us peace of mind instead of scrambling for housing each year. It has inspired me to buy more properties.

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

I work with Kim Lorden in Gloucester MA