Updated over 2 years ago on . Most recent reply
Buy and hold fixer upper
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $5,000
Cash invested: $30,000
Completely remodeled 3/1 1072sqft
What made you interested in investing in this type of deal?
Cash flow property, distressed home. Owner had serval properties and was an older gentleman.
How did you find this deal and how did you negotiate it?
Handy man connected us as I was a cash buyer. Did a walk through of 3 out of 5 properties he owned and they all needed work. This one was less extensive. Agreed upon price based on annual tax value listed and amount that would need to be invested in the repairs.
How did you finance this deal?
Paid cash for the deal $5000.00
How did you add value to the deal?
Seller was ready to off lord some properties. Also reimbursed him the $150.09 for the current tax.
What was the outcome?
Home was fully remodeled put in market for rent and is taking in $750 monthly rent.
Lessons learned? Challenges?
Find an investor for rehab for distressed buy and hold properties. Reliable contractors (ended up completing remodel with my parents and late add contractor towards the end).
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
N/A
