Updated 8 days ago on . Most recent reply
Old distressed 1br to nice 3br
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $27,000
Cash invested: $80,000
Purchased home as part of a package deal with duplex next door on separate lot. Needed full renovation of this 1890s home with original cypress wood everywhere. Upgraded electrical to code with 200amp, new plumbing throughout, enclosed porch for additional bedroom, relocated door to front of home. Finished and built closet for attic to create additional bedroom and an office/ loft area. Replaced some old siding and installed LP siding on additions.
What made you interested in investing in this type of deal?
This home was supposed to be a long term project because of condition until great rental demand pushed renovation. In addition, this 1/3 of an acre lot is zoned for 2 more doors.
How did you find this deal and how did you negotiate it?
Being licensed agent, it was found on MLS
How did you finance this deal?
purchased cash and used 0% Interest business credit card to finance renovation.
How did you add value to the deal?
Full renovation
What was the outcome?
refinanced after $210k appraisal. $146k back to pay off purchase and CC and use for next purchase.
Lessons learned? Challenges?
Plumbing was a challenge of this 1890 home on a full slab. After planning to do siding found asbestos in the old tiles so replaced and painted as well as pressure washed paint on old wood which turned out to be beautiful 100 year old cypress. Working with city to connect water as home was vacant for over 15 years.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Jeff Klaips at the Mortgage source was vital to the refinance of this project. Great communicator.
