Our First Rental Property

[Simeon Lawrence]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $145,000

This was my wife and I first home purchase. We bought a condo in a quiet community 15 minutes from downtown Salt Lake City. We lived there for 5 years before we turned the property into a rental. This was the start of our obsession with supplementing an early retirement with real estate.

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

1st time home buyer deal in 2013 that turned into a rental 5 years later.

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

My wife found a community close to her parents that she liked!

How did you finance this deal?

100% 1st time home buyer. We later refinanced to a lower rate conventional without mortgage insurance

What was the outcome?

Cash flowing $400+ with a market value of 230k