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Updated over 1 year ago on . Most recent reply

User Stats

7
Posts
3
Votes
Ann Seffens
  • Investor
  • Meridian, ID
3
Votes |
7
Posts

Primary Residence Turned Rental Property

Ann Seffens
  • Investor
  • Meridian, ID
Posted

Investment Info:

Single-family residence buy & hold investment in Concord.

Purchase price: $219,500
Cash invested: $75,000

Ranch-style SFR, 3 bd, 2 ba, semi-open concept for a 1955 built home. 1796 sqft on 0.25 acre lot. 2-car garage was converted into what could be used as a bedroom because it does have closets, but it also houses the furnace and water heater. 1-car garage was added on. Has 2 small decks out back - 1 from the living room, 1 from the master bedroom.

How did you add value to the deal?

I have remodeled both bathrooms and did a small remodel on the kitchen - cabinet refacing and slate tile floor.

Lessons learned? Challenges?

1. Screen tenants well. Make sure they have plenty of income - I require 3xs the rent. Check references.
2. Inspect regularly.

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