Primary into First Investment, Now Activily seeking next project

[Sean Hartman]

Investment Info:

Single-family residence buy & hold investment in Escondido.

Purchase price: $310
Cash invested: $30,000

Purchased first time home for $310k in 2012, lived happily in the home for 7yrs. Recently rented for nearly double the mortgage payment and am cash flowing $1100 after all expenses. Very happy with the first arrangement and now looking to potentially take cash out of the home as it is worth nearly $500k

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

Intent of purchase was for primary residence at the time with the plan to rent the home in the future should we move.

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

Saw a part of the city that was just about to grow, took chance. Hot market at the time overall in SD was only able to take $5k off purchase price.

How did you finance this deal?

FHA

How did you add value to the deal?

Landscaping, trim work, appliances, fencing, finished pool house in back for extra quarters.

What was the outcome?

Successfully rented now and cashflowing $1100.

Lessons learned? Challenges?

Too many to count.