Investment Info:

Single-family residence buy & hold investment in Jackson.

Purchase price: $12,500
Cash invested: $12,500

Purchased 3Bd 1Ba home

What made you interested in investing in this type of deal?

I had a duplex that caught fire, needed to replace that property.

How did you find this deal and how did you negotiate it?

Found it on Auction.com

How did you finance this deal?

Cash

How did you add value to the deal?

Hired husband’s cousin who is a painter, took a chance, Only seen his work vis Facebook... hires him as the foreman, he contracted out his buddies and oversaw the whole process.

What was the outcome?

Initially budgeted $10k for property and $10k for repairs/improvements... spent about $23k due to having to purchase AC unit, added bars to all windows, and escrow amount for closing costs.

Lessons learned? Challenges?

BudgetMyReno is an awesome app, enabled me to keep track of EVERYTHING. My challenge was getting workers to clean things... I tried to save money, but hindsight, it almost seems easier to hire professional cleaners.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No, but my painter, general contractor and their team did a helluva job! Initially I was on them, thinking they could be moving faster... but once I stepped back and let them work... on their schedule, they completed everything.