Turning my primary residence into an income property.

[Brad Bellstedt]

Investment Info:

Single-family residence buy & hold investment in North Las Vegas.

Purchase price: $94,000
Cash invested: $20,000

My wife and her mother purchased a small 3 bedroom for $94,000 back in 2009 and when we got married in 2017, I moved in with the two of them and we became 3 way owners. Fast forward to today and we've saved a good amount of money and have opened escrow on our new home. I've listed this property for rent and have my first showing tomorrow. (9/1/19) I believe I can get $,1450/month and the mortgage payment is $715/month.

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

I like the security and long term returns of buy and hold investing.

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

I fell in love with and then married the owner. It's a real long-term play. Costly, but the ROI in invaluable ; )

[Bart H.]

Originally posted by @Brad Bellstedt:

Investment Info:

Single-family residence buy & hold investment in North Las Vegas.

Purchase price: $94,000
Cash invested: $20,000

My wife and her mother purchased a small 3 bedroom for $94,000 back in 2009 and when we got married in 2017, I moved in with the two of them and we became 3 way owners. Fast forward to today and we've saved a good amount of money and have opened escrow on our new home. I've listed this property for rent and have my first showing tomorrow. (9/1/19) I believe I can get $,1450/month and the mortgage payment is $715/month.

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

I like the security and long term returns of buy and hold investing.

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

I fell in love with and then married the owner. It's a real long-term play. Costly, but the ROI in invaluable ; )

I am assuming this isn't a repeatable strategy, I mean it would be tough to get 2 houses this way, let alone 15 or 20, am I correct?  :)

Sounds like a great plan.  Its kinda how my wife and I began, we bought a place, lived in it, and then rented it behind us.  We have done that 4 times now. After a while it gets old moving.  But imo its the easiest way to start in real estate.