My First non live in fixer upper.
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $9,500
Cash invested: $50,000
So far we are on track . my Contractor just gave me a two week notice so we will see how the time line works out.
House needed ....Basement wall fixed.Furnace.New bath.New Kitchen.flooring and paint.some electric.
So far with all the big budget stuff purchased already we are still on budget. ( we will see once the contractor is gone) Planning for total all in cost of $50,000. Looking to list in a year for around $130,000
How did you find this deal and how did you negotiate it?
Home was a short sale . I sent in an offer the day it was listed. I offered $20,000 below asking due to the shape the home was in. I was very surprised the bank took it.
How did you finance this deal?
Heloc on the home I own now. 1% interest for 6 months.
Lessons learned? Challenges?
My biggest thing was trusting my contractor. That I did not. I tried and it failed. he went and hired someone for me and the work was not at all what had been expected or discussed.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I was working on my own behalf.
