my 1st home is now my rental

[Phaedra Robinson]

Investment Info:

Single-family residence buy & hold investment in Phila.

Purchase price: $72,000

This was my first house that i purchased at 25 yrs old when i was single. Once i got married we purchased a larger home together and I was able to rent this one. I initially had a 30 yr mortgage that i refinanced to 15 and eventually paid off. My tenant recently past away and i took the fall season to make upgrades to the kitchen and bathroom. Now that i have made upgrades im considering the BRRR method and pulling out the equity to start building my investment portfolio.

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

I purchased the home thinking it would be my forever home.

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

realestate agent found it for me and at the time all i knew is that i didnt want my mortgage to exceed what i was currently paying in rent for my apartment. I actually ended up paying less in my mortgage that my apartments rent.

How did you finance this deal?

30 yr mortgage

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

I worked with an agent who was really good. Now that im an agent i work for the same organization that he did at the time.