Primary home turned into a rental

[Craig Barr]

Investment Info:

Single-family residence other investment.

Purchase price: $325,000
Cash invested: $60,000
Sale price: $390,000

4 bedroom 2 bath Single family home that was our primary residence until 2016. We then moved out and rented it for 2 years and then sold it in 2018 to receive the tax free exemption from capital gains.

How did you finance this deal?

Conventional loan

How did you add value to the deal?

New carpet, new paint, new plumbing fixtures. Also painting the garage was an inexpensive way to make them look like brand new.

What was the outcome?

Some good equity growth over the years and a way to fund 2 more units.

Lessons learned? Challenges?

It was very difficult to find good sub contractors to do the work.