Live in investment now transitioning to rental

[Randell Mullally]

Investment Info:

other investment.

Purchase price: $165,000
Cash invested: $15,000

Bought fixed lived in now moving to tucker and renting out for income.
Value went from 180000 when bought to 250000-300000

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

Needed a home, need income

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

Owner to owner, after introduction. Worked with the estate executor to purchase after brother died.

How did you finance this deal?

VA home loan

How did you add value to the deal?

Bought with equity and in need of repairs.

What was the outcome?

Investment return of 55-105k
Mortgage rate below market growth, all mortgage payments return 100%+
No taxes for disabled vets
Now getting renters in to profit $1000 each month after mortgage.

Lessons learned? Challenges?

Avoid property on slopes in a drought.