Primary Residence with rooms for rent.

[Joshua Weaver]

Investment Info:

Single-family residence buy & hold investment in Indianapolis.

Purchase price: $246,000
Cash invested: $4,000

I purchased this house as my residence and have rented out rooms to friends of mine. The mortgage is now $203k and I have about 12 years left before it is paid off if I keep making similar payments.

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

Figured I could afford a bigger house if I rented out rooms.

How did you finance this deal?

FHA with minumum down. Value went up quickly with repairs so refinanced to get rid of PMI. As interest rates fell, a year later I refinanced to a 15 year mortgage.