My First! SFH LT Rental in Twin Cities MN

[Bethany Otuteye]

Investment Info:

Single-family residence buy & hold investment.

We purchased our first home with the intent to live in it for 1-2 years, buy a second house, move and rent the first one (house hack). We moved out of this property after 2 years and have rented it since 2019.

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

Wanted to get into real estate investing. Felt that living in a house would give us better understanding of what we might need to do to maintain it once it was rented. We were also renters for a number of years so invested in something we had experience with. Have now acquired our second property where we are doing some reno's prior to renting - much steeper learning curve!

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

Went the traditional route since we were buying to homestead.

How did you finance this deal?

30-year mortgage

Lessons learned? Challenges?

For us, was a great way to get rental management experience. And we've built up some equity we can use to help us purchase additional rentals