Starting out Strong

[Jeremy Kemp]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $612,500
Cash invested: $20,000

Primary residence turned into first rental.

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

Needed to buy our first home but also knew we wanted to get into investing, bought in an area we liked and great investment.

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

First home purchase, worked with an agent.

How did you finance this deal?

conventional loan with 20% from private money lender

How did you add value to the deal?

Basement was "finished" in that it had walls and flooring, so we completely redid and made it an actual basement.

What was the outcome?

Got lucky on timing, bought right before COVID, started renting at peak rent, current tenants resigned lease to live there longer than we did.

Lessons learned? Challenges?

Learned how to switch a house from a primary to a rental, and the necessities for both. Certain things need to be redone for selling vs renting vs personal.