First Renovation Project - Rehab to Coliving!
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $199,000
Cash invested: $120,000
First renovation project on a 3,674 sq ft property with 6 bedrooms, 3 bathrooms.
What made you interested in investing in this type of deal?
Motivated to complete my first renovation project, beyond the typical turnkey/ handyman special homes I had done in the past.
How did you finance this deal?
Hard Money Loan
How did you add value to the deal?
New kitchen countertops, Updated plumbing fixtures in upper and lower kitchens and all bathrooms, Stainless steel appliances, new showers, tubs and tiling in all 3 bathrooms, LVP flooring throughout bedrooms and basement, two newly repaired large back decks, LED can lighting throughout basement, fresh interior and exterior paint, new gutters, brand new 1.5 ton lower level heat pump, and brand new roof.
What was the outcome?
Rehab completed in five month, occupied 5 out of 6 rooms for coliving within 1 month of operating and steadily collecting rents.
Lessons learned? Challenges?
This deal taught me the most about real estate in all its angles - construction, financing, negotations on the buy, contractor and rehab budget managment. Happy with the outcome of the property for sure, and I was truly humbled in a way that made me more of an expert in the game of real estate.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
This was the first deal I represented myself as the real estate agent!