From Dream Home to Rental Haven: A Journey with 203k Financing

[Alyson Anderson]

Investment Info:

Single-family residence other investment.

Purchase price: $95,000
Cash invested: $54,000

I found the perfect house in a quaint neighborhood, but it didn't quite fit our two big dogs. Determined to make it work, I discovered 203k financing. After getting approved, we dove into renovations, creating a doggy haven and enjoying the nearby golf course and waterfront. The location was convenient, with quick-stop stations nearby and a peaceful atmosphere. It was close to major highways, great schools, and government buildings. When a job opportunity came up, we turned the house into a rent

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

Investing in a property with the goal of renovating and renting it out can provide a steady stream of rental income. The rental market can be lucrative, especially in desirable locations, and it offers the potential for long-term financial growth.

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

Many people find properties through real estate agents who specialize in the local market. Agents have access to multiple listing services (MLS) and can help you identify properties that meet your criteria, including those eligible for 203k financing.