Retirement leads to Landlording for first time

[Mark Rodriguez]

Investment Info:

Single-family residence buy & hold investment in Branford.

Purchase price: $355,000
Cash invested: $100,000

Retirees. Vacating our principal home and plan to lease it by mid-2025. Moving to another state closer to children/grandchildren.

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

Changes in life circumstances necessitated the move. Real estate prices have softened and would create a loss of ~40K if we sold. Hence, leasing seems a viable alternative in view of rents in the area. Would be cash flow neutral in near term.

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

Was our principle home

How did you finance this deal?

Traditional mortgage lending

How did you add value to the deal?

Down payment of approx 28%

What was the outcome?

Going thru the process now. Intend to self manage the property.

Lessons learned? Challenges?

Educating ourselves to listing, reviewing tenants and self-managing the property.

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

N/A