The easiest way to get started in REI

[Joshua Austin]

Investment Info:

Single-family residence buy & hold investment in Guyton.

Purchase price: $139,900

This was my personal residence for 12 years. I purchased it in 2007 and in 2019 I turned it into a rental and purchased a new personal residence. My monthly cashflow is fantastic at $400 and I have around $45K in equity at this point in the home.

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

It was an easy and natural method to add a rental unit to my portfolio.

How did you finance this deal?

100% financing, USDA loan

How did you add value to the deal?

Over the years I have renovated and made the home nice so it was very easy to place a tenant. I had 2 weeks of vacancy.

What was the outcome?

PITI payment is $872 per month. I have it rented currently for $1295.00 per month.

Lessons learned? Challenges?

With this method there were very few challenges. The main challenge for many people is turning a home they have lived in for so long into a rental because they have emotional attachment. You have to overcome that.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a realtor.