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Updated over 4 years ago,
Manning Ct Rental Property
Investment Info:
Single-family residence other investment in Sevierville.
Purchase price: $93,000
Cash invested: $137,000
Purchased as our primary residence in 2015 remodeled and converted into a rental in 2020. Payed off the mortgage and we built another house on the property out of cash, looking to do a cash out refinance on both properties this year.
What made you interested in investing in this type of deal?
Lived here for 5 years, listening to podcasts and doing homework on rental properties, decided to convert it in to a rental after we built a home for us.
How did you find this deal and how did you negotiate it?
My real estate agent found this deal for us.
How did you finance this deal?
Obtained a normal mortgage at first but then payed off the mortgage five years later when we had a financial winfall.
How did you add value to the deal?
Added a second bathroom, upgraded the kitchen and exterior of the home. Updated flooring, trim, and paint did a $40,000 remodel.
What was the outcome?
Cashflow.
Lessons learned? Challenges?
Have budget in writing with a contractor... and don't hire sketchy contractors.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I worked with an agent who has since retired.