Condo started Owner Occupied and turned into a Rental Property

[Sean Morrisey]

Investment Info:

Single-family residence buy & hold investment in Aurora.

Purchase price: $82,000
Cash invested: $1

My wife's first condo. Lived there for two years and turned it into a rental property. My wife received $7500 from the federal government on a 5 year 0% loan to purchase.

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

No money out of pocket.

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

MLS...started as a lease option but we purchased after 6 months of renting from landlord.

How did you finance this deal?

FHA financing

How did you add value to the deal?

New flooring, paint, and appliances. Rented the condo quite easily starting in 2010.

What was the outcome?

We have the same tenants in the condo 8 years later!