Second project: condo to rehab and rent
Investment Info:
Single-family residence buy & hold investment in Washington.
Purchase price: $415,000
Cash invested: $90,000
Bought REO needing full rehab. Now renting it out.
What made you interested in investing in this type of deal?
Bought REO at discount. There was meat on the bone
How did you find this deal and how did you negotiate it?
Hubzu.com
How did you finance this deal?
Self financed
How did you add value to the deal?
Bought from REO at discount. Self managed full rehab
What was the outcome?
Renting it out at a premium due to new renovation
Lessons learned? Challenges?
Rehab always takes longer than expected. Need to manage contractor very closely