2 Bedroom Block home w/ Garage
Investment Info:
Single-family residence buy & hold investment in Hamilton.
Purchase price: $53,000
Cash invested: $11,000
A little 2 bedroom block home with a 1 car detached garage and an unfinished basement.
What made you interested in investing in this type of deal?
The price was right and it was a pretty easy remodel. Mostly cosmetic.
How did you find this deal and how did you negotiate it?
I met with the seller to list it and sell it and she said that she just wanted it gone and didn't want to make any money on it. I gave her a updated sale price with remodel costs and an as is sale price just cleaning it up and decluttering it. I also gave her an I'll but it for this price and you do nothing. That is what she went with.
How did you finance this deal?
Portfolio loan with 10% down. I ended up BRRRR'ing it and did really well on it.
What was the outcome?
I BRRRR's it for a $20,000 profit and it is still a fantastic rental home.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No. I was the only agent involved.
