Primary Residence turned Rental

[Logan M.]

Investment Info:

Single-family residence buy & hold investment in Strykersville.

Purchase price: $212,000
Cash invested: $42,400

In 2016, my wife and I bought our first piece of real estate. We caught the investor bug at the perfect time.
The purchase price was about $210,000 and we have been renting it out ever since November 2017. Worth now today close to $550,000.

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

I needed a place to live and wanted to build equity along with starting the investor journey.

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

It was on the MLS, first buyer backed out.

How did you finance this deal?

I only had a year of taxes as a self-employed realtor which was my biggest challenge. I was able to find a credit union that would allow the purchase with 20% down.

How did you add value to the deal?

Holding it and making some minor renovations. We did expand the driveway and made the yard less maintenance.

What was the outcome?

I still own it today and it is a great property.

Lessons learned? Challenges?

Try to do the biggest renovations when you live there to not bug the tenants later.

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

I represented myself.