Second project: condo to rehab and rent

[Ross Dannenberg]

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