Turning my home into a future income property.

[Chris Supanchick]

Investment Info:

Single-family residence buy & hold investment in Wellington.

Purchase price: $156,000

This house is not a typical investment as I have been reading and learning from this community. It is currently my primary home that I am remdling and will end up renting the bacement. I had already dicided and started on this project before learning about the Bigger Pockets community and better ways of building wealth/cashflow. I am looking to have the project compleated by the end of summer 2020 and will be looking for my first BRRRR soon there after.

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

When I purchased this property I had not thought about investing in rentals.

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

I used a local realtor and we were able to get a lower price due to the time it had been sitting on the market and its outdated interior.

How did you finance this deal?

VA Home loan.

How did you add value to the deal?

I am renovating/updating the layout of the upstairs and designing the house layout so the downstairs is a rental.

Lessons learned? Challenges?

This property had a few issues that was learned through the years, as of now the biggest lesson is to hire a quality house inspector and if possible talk to neighbors to see if they have knowledge of the prior owners and what they had done to the property that might now have been permitted or reported.