Updated almost 6 years ago on .
Oaklandon 4/2 fix and hold
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $50,000
Cash invested: $10,000
rented at 1250 / 35% rehabbed / all redone hw, all new paint, plumbing, carpet, windows, appliances.
What made you interested in investing in this type of deal?
this fell into my lap via a bank - I had bid on it months ago and they came at me saying I could have it for 60K. I said 45K - we agreed to 50 eventually.
How did you find this deal and how did you negotiate it?
foreclosure
How did you finance this deal?
cash
How did you add value to the deal?
redid all the flowing, kitchen, remediated all the windows w/ Pella's, fixed foundation issues, replaced kitchen floor to the bones. Replumbed the whole house. all new paint throughout. Needs more yard work done and landscaping but cant address due to weather.
What was the outcome?
1250 per month rent getting me back over 2% return each month
Lessons learned? Challenges?
learned about any and all drainage issues or potential ones, oaklandon does not have a drain in the small town! well nowhere I could find. this home is older than most around so it sits lower than most creating a natural funnel towards my property, which has turned my yard into a swimming pool. Water is now getting into the crawl! its going to be ongoing learning experience here on out! so any and all RE projects can go south fast so always leave room in your budget for incidentals.
