From liability to asset, primary residence rented!

[Jonathan Tavarez]

Investment Info:

Single-family residence buy & hold investment in Laurel.

Purchase price: $435,000
Cash invested: $30,000

I purchased this property as my personal residence, after a few years we put it in the market for rent and now instead of a liability it is an asset cash flowing almost $700 a month (plus the amazing equity!)

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

Good property in good area, we decided to purchase for the family with plans of selling or renting after a few years.

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

This was my first property ever so we just got it out of the MLS

How did you finance this deal?

My own cash and a conventional mortgage

How did you add value to the deal?

A few repairs but nothing mayor.

What was the outcome?

Rented and cash flowing $700 a month

Lessons learned? Challenges?

It was a great idea to move and downsize, now we are mortgage free thanks to the cash flow from our other properties.

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

Sarah Tavarez from Keller Williams Realty Centre