Primary residence turned cash flow rental

[Jayleigh O'Leary]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $250,000
Cash invested: $270,000

3 bedroom 2.5 bathroom new construction home that we bought as our primary residence not intending to move. 5 years later I decided I wanted land so we converted the den to a 4th bedroom and we moved. Rent is $2300 but after taxes and the rental company who manages it we clear about 2k each month since the home is paid for!

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

It was never intended to be an investment but it worked for our family so we went with it!

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

The school system is fabulous and it is a great neighborhood in general so we decided to buy.

How did you finance this deal?

VA loan.

How did you add value to the deal?

Converted a non conforming den into a bedroom, landscaped the backyard, added tile throughout (except bedrooms), and a beautiful tile backsplash!

What was the outcome?

It rents super quick since it's in a desirable area and the upgrades are what families are looking for.

Lessons learned? Challenges?

Challenges are mostly finding contractors who can get work done in a timely manner.

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

I do. She's also a newbie and my best friend. Let me know if you want her contact info!