Home Turned into First Rental Investment~!

[R. Marcella Poole]

Investment Info:

Single-family residence buy & hold investment in Oak Hills.

Purchase price: $135,500
Cash invested: $135,500

Our original home, vacated and turned into our first rental property, December 2020.

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

We had paid cash for the home, enjoyed life for 10 years and then decided to do something with the growing equity by building a new home and moving out to turn this into our first rental property.

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

We worked with a real estate agent to purchase it at the bottom of the crash in 2008; he was awesome.

How did you finance this deal?

We paid cash.

How did you add value to the deal?

We increased the curb appeal, put in landscaping and turned a 3rd of the garage into a gym, adding custom touches to make it comfortable.

What was the outcome?

The property value went up and we tapped out equity to purchase a piece of property and build our custom home we now live in.

Lessons learned? Challenges?

Don't build a house in California~!

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

We learned a LOT of lessons, but along the way on this one, we relied on a very solid real estate agent to grab this deal.