Primary Residence into STVR

[Ivan Shalavuta]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $220,000
Cash invested: $48,600

Another house hack! Bought it as a primary residence and after adding a sweat equity turned it into STVR.

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

The property is located in an area where no restrictions on STVR. I was able to bring the value up by cosmetically updating it.

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

On the MLS and negotiated myself as my own realtor.

How did you finance this deal?

Conventional loan with a local lender and 10% downpayment.

How did you add value to the deal?

Paint, floors, new kitchen, and bathroom updates. I was working on it while living there.

What was the outcome?

After finishing the renovations I hired a property manager and started renting it as STVR. So far it has been a little over six months with an average net income of $350+ a month. Has not gotten into the busy season just yet to evaluate the income fully.

Lessons learned? Challenges?

Learning to pick the property manager better and deal with unexpected repairs hands-off.

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

I represented myself since I'm a licensed realtor in the area.