Finally! my first rental property!

[Mark Lee]

Investment Info:

Single-family residence buy & hold investment in Matthews.

Purchase price: $370,000
Cash invested: $190,000

5 Bedroom, 4.5 Bath Class A property. Was my primary residence that I turned into a long term rental, and is my first rental property.

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

I became interested in the BRRR strategy in the summer of 2019, and have been failing miserable at trying to acquire my first property. My parents moved close to us one year ago, but unfortunately, my mother passed away from ALS last summer. To anyone impacted by ALS, my heart goes out to you. We decided to put our belongings in storage, and move in with my father. We are fortunate that this was an option, but I think my father greatly enjoys having us around, and especially his grandkids.

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

This was my primary residence that we converted to a long term rental. We found the house on the MLS, and negotiated with the home owners at the time.

How did you finance this deal?

Conventional mortgage as a primary residence

How did you add value to the deal?

No value add, however, we maintained the home in very clean condition.

What was the outcome?

We signed a lease today and have the security deposit. Renters will be moving in next month.

Lessons learned? Challenges?

Here are all the steps I took to try and BRRR.
1. Made contacts and spoke to other investors.
2. Took out a HELOC on my primary residence.
3. Spoke with real estate agents in the area.
After 18 months of just spinning my wheels, I still hadn't made an offer an a single property. After my mom passed away, we had the opportunity to move in with my dad and so we took it. I think the biggest lesson learned is that you have to be willing to get out of your comfort zone.