Updated about 2 years ago on . Most recent reply
House Hack in Rose Park
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $195,000
Cash invested: $30,000
Sale price: $365,000
Single family brick bungalow in Rose Park. Full cosmetic rehab while occupying the property.
What made you interested in investing in this type of deal?
It needed a lot of cosmetic work but was structurally sound in an up and coming neighborhood.
How did you find this deal and how did you negotiate it?
On the MLS - focused on a few blocks I felt were going to increase quickly in value and put an offer same day sight unseen on anything that came up and met my criteria.
How did you finance this deal?
100% financing with a conventional mortgage. Paid out of pocket for rehab as I went.
Lessons learned? Challenges?
Tenants! This property was rented when I bought it and it ended up taking months to close. Learned that with conventional mortgages, you have to occupy the property within a certain number of months. Thankfully the lease allowed the seller to be patient with the close date until the end of the lease.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Liz Leonard and Cameron Burnside