Updated over 5 years ago on . Most recent reply
29 Palms rental unit
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $93,000
Cash invested: $110,000
This property was bought with intention of using as rental unit. After a realtor told us the house would sold for $160k, we figure we will give it a try at selling it.
What made you interested in investing in this type of deal?
The number seems to make sense
How did you finance this deal?
HELOC from another property.
How did you add value to the deal?
Fixed up the kitchen, put in new tile floors, repaint the whole house, fix AC, patch up walls, ceilings and everything else to turn the property into a livable condition
What was the outcome?
Still a work in progress, too early to tell
Lessons learned? Challenges?
Should have a detailed plan from the begging and stick to it. By flipping back and forth between different plans we wasted many time and resource.