Single-family residence buy & hold investment.
Purchase price: $6,500
Cash invested: $23,000
SFR purchased from a wholesaler for cash that is now a rental
What made you interested in investing in this type of deal?
This was a low price cash purchase in a good neighborhood.
How did you find this deal and how did you negotiate it?
A local wholesaler let me know about it.
How did you finance this deal?
How did you add value to the deal?
Removing the raw sewage from below the house was probably the biggest value add (and the stinkiest) and getting rid of the black mold (which I learned from BP readings isn't really that big of a deal to get rid of) but we redid the floors, electrical, furnace, windows, metal roof, and retiled the bathroom and modernized the kitchen.
What was the outcome?
Great rental property
Lessons learned? Challenges?
Get every property inspected and hire an inspector who is willing to go on the roof AND in the basement crawl space no matter what!! You never know what crap you will find (literally). I thought because this was such a cheap deal why bother paying $500 for an inspector. I would have liked to have known ahead of time what we were going to find.
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