One Down, LOTS to Go!!!

[Kristin Johnson]

Investment Info:

Single-family residence buy & hold investment.

We started renting the home when we moved. We rent to Section 8 clients. We paid off the mortgage about 4 years ago!

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

We were interested in keeping the home we moved out of so that our son could have a place if he ever needed it and to add to wealth building for our family.

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

The home was a home we lived in and rented out when we moved out so we did not have to negotiate the deal

How did you finance this deal?

Rent paid down the mortgage for 10 years and then we ended up paying off the balance about 2 years ago with savings.

Lessons learned? Challenges?

We had two different PM then realized we could do better ourselves. We had a friend who had a rental property that he rented out to section 8 tenants so no issue in getting rent monthly. That was the best thing we did. Also, since we want to build our portfolio we spoke with our lawyer and created an LLC for our PM business.

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

We did not work with anyone since we owned the home.