Newport RI Property- Primary residence converted to Rental

[Mark D.]

Investment Info:

Single-family residence buy & hold investment in Newport.

Purchase price: $325,000
Cash invested: $1

Originally purchased this property with $0 down payment using a VA home loan, lived in it for 3 years and then converted it to a rental property when I moved with new military orders. Cash flow is not the best since the mortgage is high due to little down payment but ROI is infinite. Owning property on an island is more for the equity game than cash flow. House is in good shape so I am able to manage it remotely from FL.

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

I saw the property values in Newport increasing while I lived there for 3 years. I saw an opportunity since there aren't many apartment complexes on the island, always an influx of military members and summertime visitors (conversion to AirBNB), and all the benefits of owning property. Looking forward to finding my first property deal with intentions of renting it from the start (not living in it first).

How did you finance this deal?

VA Loan- primary residence

How did you add value to the deal?

Made minor improvements myself over the years of living in it, no major remodels. Added crown moulding, repainted porch, changed skylight, re-mortared foundation.