Updated over 3 years ago on . Most recent reply
Investment info on my journey so far
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $12,500
Cash invested: $10,000
Total rehab w a private loan from a family member. We are rehabbing it for my Mom. Looking for our next purchase.
What made you interested in investing in this type of deal?
It was my Uncle's house and worth so little, it was an easy way to start in investing.
How did you find this deal and how did you negotiate it?
My Uncle passed and my Mom was his executor.
How did you finance this deal?
Private, interst-free loan
How did you add value to the deal?
Total rehab including custom tile shower, all new electrical, central air, new flooring and plumbing etc
What was the outcome?
Still renovating and will rent to ny Mom
Lessons learned? Challenges?
Materials are at an all time high, price way more than you think. Emotional ties to the home. Doing the work yourself saves you money but you sure use A LOT of time. If I were in the position to be able to, we would hire out more of the work.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Not on this deal