Single Family Rental in great school district

[Melissa S Vrobel]

Investment Info:

Single-family residence buy & hold investment in Harmony.

Purchase price: $167,000
Cash invested: $65,000

This is a great rental. I have the same tenant for years. The family moved from one of my other rentals to this one with no plans of moving out.

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

I bought it as a foreclosure to be my home. Moved up after 10yrs and decided to keep it and rent it.

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

I had the local realtor send me new homes as they came on the market. I put in an offer on the first day that it hit the market.

How did you finance this deal?

FHA loan initially. Refinanced in 2017 to get PMI removed and took 80k out of it.

How did you add value to the deal?

I upgraded all flooring, painted, added new light fixtures, added 6' privacy fence, and a new deck. I thought it would be my forever home, but found another good deal in 2020.

What was the outcome?

I intend to pay off the mortgage and pass it to my niece in my will.

Lessons learned? Challenges?

I never meant to be a landlord, but find that I really enjoy it. I like the high end homes because the rents are high and the tenants tend to stay.