Primary residence turned BRRR cash flowing over $1k/month

[Adam King]

Investment Info:

Condo buy & hold investment.

Purchase price: $242,500
Cash invested: $24,250

This was my previous primary residence, I have since been able to take a substantial amount of cash out of the home. With my current mortgage + HoA at $1600, and my rent at $2700, I have cash flowed around $1100/month since moving out in January of 22.

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

I purchased this property with the intent to house hack, which I did for almost 5 years.

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

I found the home on Zillow and used an agent to make the purchase

How did you finance this deal?

Conventional loan with 10% down at 4.5%. Then later did a cash out refi at 2.25% which both lowered my payment and netted me almost $50k, which i used to rehab the property.

How did you add value to the deal?

I added value in 2 ways, by remodeling the home, and letting time provide me with rental appreciation, so by the time I was ready to move on, the rents in the neighborhood had gone up substantially.

What was the outcome?

Currently I am cash flowing every month, and since moving out the home has appreciated almost $100k, while my loan has been paid down over $10k

Lessons learned? Challenges?

I learned a lot about being a land lord, as this was my first property that I decided to self manage.