First single family home

[Calvin Chan]

Investment Info:

Single-family residence buy & hold investment in San Luis Obispo.

Purchase price: $596,000
Cash invested: $150,000

originally purchased to be my first home, started remodel (self) and eventually decided to rent out (house hack)

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

great area with lots of potential equity, good rental market with low vacancy; needed tax writeoffs

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

MLS, real estate agent

How did you finance this deal?

self

How did you add value to the deal?

remodeled bedrooms, master bath complete reno, added A/C along with new furnace.

What was the outcome?

still holding, in process of refinance to lower monthly payment so i stop bleeding money

Lessons learned? Challenges?

bought too high, too much in holding costs because i did the remodel myself.

[Calvin Chan]

Originally posted by @Andrew Syrios:

Congrats Calvin! What do you think the ARV is?

With my 120k down and dumping 20k of actual improvements my guess at this time is around 650k. My holding costs of 9k took a big chunk out of my equity.