First Rental Property Success Story

[Melissa Plemen]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $150,000

For our first rental property, we took our former primary residence and turned it into a rental. We made the intentional decision to allow pets (with a monthly surcharge) and mandated at least a one-year lease. The amount of interest we received was overwhelming! Knowing this information will help fuel our next purchase.

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

Prior primary residence that we initially tried selling, knowing we had a lot of equity in it. Proceeds were going to fuel an investment property purchase. Initial buyer backed out due to some things on the inspection report. We took it off the market, made the repairs, and after repairs, it just didn't make sense to sell. Essentially all the major expenses (roof, HVAC, gutters, insulation, water heater, garage door were new).

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

Prior primary residence

How did you finance this deal?

Conventional mortgage

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

I served as the Realtor as well as the property manager, saving us thousands of dollars.