Single-family residence buy & hold investment in Alamogordo.
Purchase price: $97,000
Cash invested: $10,000
Foreclosed home sat empty for over a year. Still in the process of updating and preparing for rental. Did not know about BRRRR before purchasing, so purchased inside IRA with non-recourse loan, and then started rehab. Will be doing BRRRR in correct order on next property. Will add more photos as we progress.
What made you interested in investing in this type of deal?
Wanted single family to rehab and make modern.
How did you find this deal and how did you negotiate it?
MLS . Property was VA foreclosure. Negotiated with VA thru my real estate agent.
How did you finance this deal?
Non-recourse loan of 50% inside SDIRA
How did you add value to the deal?
Granite counters, replace carpet with LVT, updated wall colors, paint cabinetry and woodwork white, hard landscaping.
What was the outcome?
Still in progress. Plan to rent long term.
Lessons learned? Challenges?
Getting crew to work on the home from long-distance is a challenge. My property seems to be put last in line. Next time around will write up contract with target dates of completion along with rewards and penalties for making or missing the deadlines.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Rachel Connelly Coldwell Banker
Jason Zook North American Savings Bank non-recourse loan
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