First rehab one family
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $214,000
Cash invested: $114,000
Bought property from bank foreclosure in 2018 rehabbed, ended up living in there. current market valiue is $650K would make $300K profit if sold today.
What made you interested in investing in this type of deal?
Í previously had a multi family, where I renovated the apartment units, that gave me the confidence that I could renovate a one family home.
How did you find this deal and how did you negotiate it?
I worked with a realtor asking about a different property I had seen, and she directed me to this one that was available in the market
How did you finance this deal?
I had the 20% down and the rest thru hard money lender
How did you add value to the deal?
Full inside gut renovation and open up the space.
What was the outcome?
Market value doubled as of this date
Lessons learned? Challenges?
I had a lot of challenges with contractors and lost money to them, some of them straight stole it.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
The one agent who got me the deal retired