2018 Rehab to Long Term Rental to Primary

[Travis Rogers]

Investment Info:

Single-family residence buy & hold investment.

Purchased as a rental in need of rehab. Painted complete interior/exterior (mostly self, hired for some interior work), removed wallpaper (hired contractor), installed fixtures (self), installed new appliances (self), installed flooring throughout (hired contractor), and cleaned up and updated landscaping (self). Moved in Sept 2021, avoided taxes on my primary, and currently remodeling kitchen counters (changing to granite) and cabinets (have sanded/painted and am adding new doors/drawers). A few before and after pics below

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

3 blocks from my primary residence, location, location, location! I look for good bones, great floor plans, vaults, 3/2, large fenced backyards, and something that just needs cosmetic work to turn it into an above average rental

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

Found on Zillow, day 1. There was one other offer day 1, I offered $500 over asking and got it under contract immediately

How did you finance this deal?

Standard conventional financing

How did you add value to the deal?

Complete interior/exterior remodel. I did a lot of the work myself. I've recently moved into the home, avoiding a $25k tax bill had I sold this home instead of my primary

What was the outcome?

Great appreciation, cash flow, and increasing rents in neighborhood due to location and demand

Lessons learned? Challenges?

Rehab takes longer than you plan, every time. Reiterated the lesson of the neighborhood, location! You can change the inside of a house, but you can't change it's surroundings. Neighborhood is fantastic!

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

I have a great RE agent in Eugene, Oregon! This was my final Oregon property, I've since transitioned everything to Texas and am looking at Florida next.