Primary Residence Turned Rental Property

[Derek Simkins]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $235,000

- Leased a room March 2021-December 2021: $900/mo
- Cash-Out Refinanced May 2022: $40,000
- New Loan Balance: $285,000
- New Monthly Cash Flow: $73/mo

Lessons learned? Challenges?

The basic house-buying process to give me a foundation for what I ultimately wanted to do.

Also, don't move your handy man in to the property and trade rent for services, what a nightmare!

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

Real Estate Broker: Jeffery Nietupski
Long-term Property Management: Jeremy Kloter
Licensed Contractor: Tommy Whitehead