Primary residence to rental property

[Cornelious Williams]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $132,000
Cash invested: $3,960

3BR/2.5BA; 2076 square feet two story with the master BR on the main floor.

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

This was the first house I bought after graduating from college and served as my primary residence.

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

Since this was my primary residence, I found the area I wanted to live in and made the purchase.

How did you finance this deal?

Traditional financing.

How did you add value to the deal?

When I began renting it, I wasn’t familiar with this concept. As a result, I have done little to increase its value.

What was the outcome?

The current value of the home is $140k with about $92k balance on the note.

Lessons learned? Challenges?

I wish I had a 15 year note as the original purchase.

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

My Dad is an agent. Cornelious Williams Sr. He has been my agent for each property I bought in Georgia.