Primary to Rental | Our Intro to Real Estate Investing

[Bryan Sinkel]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $190,000
Cash invested: $10,000

This was our primary home for 6 years! The property has since appreciated and the existing note is on a 15 year, 2.5% interest rate, which is being paid down very quickly. We knew this was our opportunity to get into real estate investing, so we kept it, marketed in the highly sought after area and executed a lease only 10 days later - we had an overwhelming amount of interest!

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

Since we already owned it, we knew it was a great way to experiment and get started! We are particularly interested in long-term rentals in and around this area, being that it's where I grew up! There is so much to offer in this area and it continues to be one of the most desired areas to live in the state!

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

We originally bought this property as our primary residence. It was a coming soon listing that had a motivated seller - we agreed to purchase the property for asking price and no inspection.

How did you finance this deal?

My wife and I had money saved up as we were looking to purchase our first home together.

How did you add value to the deal?

We made numerous improvements to the property, both outside and inside.

What was the outcome?

The house has appreciated 66% in value in 6 years, was a great first home for us, and is a great rental property that provides a nice cash flow (39%)!

Lessons learned? Challenges?

Real estate investing is for us! How do we buy more?!

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

Yes, we worked with a top-tier relator that took great care of us and saw this deal through from start to finish.