Single-family residence buy & hold investment.
Purchase price: $193,000
Cash invested: $9,000
What made you interested in investing in this type of deal?
Again, buy, live, rent out after we fix it up. There's a lot of deferred maint. from the old lady who died in this house.
How did you find this deal and how did you negotiate it?
Same, used a Realtor who did most of the negotiating.
How did you finance this deal?
How did you add value to the deal?
bought a new roof 2 months in. I know this is considered maint, but a selling point none the less if we had to sell tomorrow. Also new swamp cooler (A/C unit) per transaction. As well as bought below appraised value of 195k.
What was the outcome?
Living in it currently. We'll slowly do things like upgrade the electrical to accommodate a new tankless water heater as well as solar eventually as our kids grow up in the nice neighborhood walking distance from good elem. school.
Lessons learned? Challenges?
Get a licensed contractor....Make sure it says, "use a licensed contractor" on the RE Contract. Had a $9k new roof lesson learned because of it.
...short story long... in process of Billy joe Bob cousin who went to replace the A/C unit mid transaction just got yee oldy swamp cooler from Home Depot and slapped it on the roof. No regard for the shingles they jacked up to put it up there. Not to mention the size of the unit is not big enough to service the whole house.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, got VanDyk Mortgage to close this one. Best damn company in the industry. Even if I leave VanDyk, I'd still get my mortgage from them.
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