Updated 11 months ago on . Most recent reply
1911 Home in Blackstone, VA
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $120,000
Cash invested: $100,000
currently an airbnb
What made you interested in investing in this type of deal?
Rode by this beautiful home everyday and it made me sad to see it falling down. I wanted to restore it to the home I knew it once was and could be again!
How did you find this deal and how did you negotiate it?
Lived in the area. It was under contract when I inquired about it but fell through due loan issues. I was able to get a construction loan to renovate.
How did you finance this deal?
$19,000 down and (construction) conventional loan
How did you add value to the deal?
repaired and updated the home. Added a bedroom and bathroom.
What was the outcome?
Gorgeous home that is doing well as an airbnb. within 5-30 minutes of 4 wedding venues and about 10 minutes from a military base that does training.
Lessons learned? Challenges?
Never believe the original timeline the contractor gives you! Overall, worth it. It did cost more money than expected due to vacancy that I did not account for.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
She is retired now. I was not an agent then but it inspired me to be one! I am currently an agent with Long and Foster.
Most Popular Reply
Beautiful home - congrats! I had the same lessons learned from BRRRR's and flips I've done in the past: they almost always go over time and over budget!
Whats the next project for you? I imagine there are more neglected homes like this with some potential in your area.