Updated 2 months ago on . Most recent reply
4th rental property!
Investment Info:
Single-family residence buy & hold investment in Warren.
Purchase price: $72,000
Cash invested: $1,800
Single family 1 story house with a basement and a 1 car garage. 2 bed 1 bath.
What made you interested in investing in this type of deal?
This house was mostly turnkey.
How did you find this deal and how did you negotiate it?
I found this on the MLS. Seller was asking $75,000, I bought for $72,000 with simple negotiation with the seller.
How did you finance this deal?
I bought this with traditional bank financing with 25% down.
How did you add value to the deal?
Epoxy on the countertop and replaced the garage door. I also upgraded the electric to the garage.
What was the outcome?
This property rented about a week after the rehab. Tenants are getting ready to sign their second year long lease and have expressed interest in buying the house next year.
Lessons learned? Challenges?
The previous owner added epoxy to the kitchen countertop but did it badly. I went in and did it again. Turns out they didn't prep the countertop properly so their epoxy released and raised up from the countertop. Now I have to buy a new one. If someone else does a bad job with their epoxy, don't re-finish. Just replace it.