Single-family residence buy & hold investment.
Purchase price: $26,000
Cash invested: $21,000
Excited to buy this distressed SFH and turn it into a nice home to rent. After purchase and rehab, it should cash flow $300 a month and ARV will allow me to get all of the money back. Can't wait to get the money back and do it again, and again, and again........
What made you interested in investing in this type of deal?
The numbers made sense. Plus this house is next door to a SFH we already own and rent. By rehabbing this, I'm helping the other property. Plus, I love taking an eye sore and removing it from the neighborhood.
How did you find this deal and how did you negotiate it?
Was called by a wholesaler who first contacted me about the home we already owned next door. We couldn't come to a deal on it but he remembered me and when he got this one, he called me and gave me first crack.
How did you finance this deal?
Paying cash for everything. But this method is slowing me down. Would love to find someone that can loan me the money up front and then when I refinanced, I would pay that original loan off.
How did you add value to the deal?
Doing a lot of forced appreciation.
What was the outcome?
Just now completing the rehab phase. Trying to determine best lender/loan product to use for refinancing.