- Mancelona, MI
- Votes |
Single-family residence buy & hold investment.
Purchase price: $42,000
Cash invested: $8,000
Tax auction special. Picked up for higher than normal (COVID made prices silly). Abandoned 5 years. 1 dumpster, biggest they had, filled. Repaired boiler system that froze and burst. Rewired old electrical, some drywall, new fixtures, new ceilings, and paint. New floors and now worth $160,000 or so as a guess. Not bad.
How did you find this deal and how did you negotiate it?
Tax sale auction
How did you finance this deal?
How did you add value to the deal?
Nice fixtures really added a lot. Commercial faucets, modern light switches, fancy lamps, and new anything that shows in a picture. Palette for the walls with a theme has a nice effect. I did fall in love with faux ceiling tiles. Simple to cover up those old square type 70's tiles. It's such a difference. I highly recommend those. So simple to install and for $2-300, you get a beautiful result.
What was the outcome?
The before and after pictures are staggering.
Lessons learned? Challenges?
Had a slight scare with the septic. Turned out to be only a tree root blocking it. This is now on my list of things to check that may disqualify it for a buy. That stuff can get really expensive fast to put in a new one!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?