Starter Home Turned Investment Property

[Ben Boscaccy]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $241,500
Cash invested: $8,452

This was my family's starter home, which we kept and now rent out.

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

I was not really thinking about the investment part when I purchased the house. I was 23 and excited to buy a house fore me and my recently married wife.

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

I found it on Realtor.com

How did you finance this deal?

3.5% Down FHA loan

How did you add value to the deal?

We did not do anything to the house

Lessons learned? Challenges?

The biggest lesson I learned is that there is nor time like the present. At the time, house prices were at an all-time high. Rates were still low, we ended up getting 3.0% on our loan. Everyone was saying things like "I'm waiting for the market to crash" but I decided to take the leap. For those who waited, prices have generally only gone up, and interest rates are much, much higher now.

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

No, I was the agent.