Primary residence to rental property

[Account Closed]

Investment Info:

Single-family residence buy & hold investment in Stockton.

Purchase price: $399,000
Cash invested: $125,000

Previously sold our other house to buy up and purchased as our primary residence. However, we recently decide we were moving out of the area. After realizing we should have rented out the other property to pay for our current property we have decided not to make the same mistake twice. We are moving to the bay area and going to rent this house out, which will hopefully create cashflow that will help us make living in the bay area more affordable.

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

coincidence and timing

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

real estate agent and zillow.

How did you finance this deal?

sale of previous residence

How did you add value to the deal?

new floors, new backsplash, paint, landscaping, new faucets, nest thermostat, built in ceiling speakers, new lights throughout the house.

What was the outcome?

The price has gone up in value AND we will be able to rent to better tenants with our additions.

Lessons learned? Challenges?

Going through the process of finding tenants for the first time. still learning and in the process...

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

agent and a lender. however, now I am an agent and will be able to do this on my own next time!