1st Single family stick built rehab
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $35,000
Cash invested: $25,000
2/1 on 3 lots = 0.35 acres in Lawn, Texas - population 353.
Rehab budget $10,000
Doing all cosmetic work myself
House pier & beam foundation leveled
Electrical was already updated
plumbing was already updated
Central air & Heat was also already present
Tearing off porch currently to open up.
Windows were all in great condition
and it came with a new roof :)
What made you interested in investing in this type of deal?
learning, also in a super hot market
How did you find this deal and how did you negotiate it?
saw a terrible sign for sale by owner, just kept calling them
How did you finance this deal?
used a personal loan (18% interest ). I DONT recommend doing this
How did you add value to the deal?
Rebuilt from foundation to roof
What was the outcome?
so far 10 days on the market, 4 people came for open house. No calls from realtors to see it
Lessons learned? Challenges?
seriously! Stick built double wall homes seriously have hidden "Gems" . I dont want to do a house again. Ill stick to mobile homes.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
@Joshua StandingCloud - Realtor here in Abilene who is selling it for me! I met him here. Amazing guy and business man
Most Popular Reply
Congratulations on your deal. Did I read correctly population of 353? Where is the market coming from? Abilene? Oil and gas workers?
Clint