SFH with two income streams

[Suzanne Marlatt]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $915,000

VA purchase, sfh, 1st floor fully remodeled for sale, incentives in purchase - 15k cash credit (paid warranty policy, outstanding HELOC, loan fees). First floor 3/2 rented at purchase to a family.

Fully remodeled basement to become separate dwelling - studio. Built walk-in shower, kitchenette, nook, walk-in closet, covered outside deck area, added fire pit, split yard. Running as a mid-term rental for nurses and their pets. two income streams for one sfh.

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

wanted to try making a two income stream property while living in the remodel

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

BP realtor.

How did you finance this deal?

VA

How did you add value to the deal?

remodeled basement - kitchenette, walk-in closet, floor to ceiling tiled walk in shower, built in storage

What was the outcome?

Fully Furnished Studio Apartment - $1900 rent + $100 pet fee. mid term rental; new tenants every 3-6 mos

Lessons learned? Challenges?

living in it while remodeling is the best

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

BP realtor - Sherief Elbassuoni with Fathom Realty