Residence turned LTR

[Andy Zapata]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $75,000
Cash invested: $10,000

Purchased a foreclosed condo as our primary residence. We fixed it up, loved there for 2 years, purchased another property and turned this into an LTR

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

We fell into it when we realized we could lease it out.

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

It was a HUD property on the MLS

How did you finance this deal?

FHA loan as a principle residence.

How did you add value to the deal?

Upgraded all flooring, new paint, and kitchen reno.

What was the outcome?

Beautiful 2 bed, one bath condo that is now worth more than double what we paid for it.

Lessons learned? Challenges?

We learned that we could force appreciation and that turning a principle residence into an LTR is a great acquisition strategy.