First home /investment

[Lindsay Osborn]

Investment Info:

Single-family residence other investment in Long Beach.

Purchase price: $275,000
Cash invested: $30,000
Sale price: $455,000

Initially purchased this as my primary residence in 2010, fixed it up, and lived in it until 2017. Moved into another home in 2017 and rented this property for the last year of ownership. I realized I could make better use of the equity of I sold it and purchased several investment properties with better cashflow.

How did you finance this deal?

Originally an FHA loan, refinanced later to conventional.

How did you add value to the deal?

Updated every room, including bathrooms/kitchen/bedrooms

Lessons learned? Challenges?

Remodeling/rehabing teaches you a great deal, but definitely takes 2-3 times longer than anticipated (especially when doing it yourself)