Primary home for 7 years converted into a rental.

[Angelo Aguirre]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $165,000
Cash invested: $20,000

This was our primary home for 7 years. We just closed on a new primary (June 2020) home and converted this into a rental. We're excited to be able to have held onto this property. Great East Side location and close to interstate, malls, and grocery, all within 2 miles of this home.

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

Great position on the mortgage and good appreciation over the last 7 years.

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

Found it while looking for our primary home in 2013.

How did you finance this deal?

Bank loan.

How did you add value to the deal?

Finished the basement, adding 400 sqft of living space and another full bath.

What was the outcome?

Rented out after 5 days listed.

Lessons learned? Challenges?

Using a primary home can be a great way to turn our previous house into a true investment property.

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

Yes, Lori Logan from KW helped find this house for us and qualified us for a program resulting in $23K as a second mortgage, meaning we did not have to pay it back as long as we lived there.