Primary turned rental for cashflow

[Luis Hernandez]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $187,900

This was my primary at first but turned into a rental property to help me create a cashflow of over $600 per moth. The original purchase was $0 down with $500 back at closing.

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

I wanted to stick to single family residences near my work while stationed on Camp Lejeune NC. Looking to hold for long term.

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

Found a local agent that helped me find a property that was within all my requirements. A single family, close to schools, restaurants, significant locations of work such as hospitals, and military bases.

How did you finance this deal?

30 year fixed Loan, 0% down

How did you add value to the deal?

Buy and hold to acquire approx. $90,000 equity

What was the outcome?

Purchased 2nd primary and turned 1st into rental, self managed the 1st property while rehabbing 2nd home and contracting only some of the work out and doing the rest myself.

Lessons learned? Challenges?

Some of the rehab is very time consuming and difficult to complete with a full time job. Need to

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

Local real estate agent and recommended lender.