Updated over 5 years ago on . Most recent reply
Our First Rehab - The Wanna-Be Fixer Uppers in Hutchinson, KS
Investment Info:
Single-family residence other investment.
Purchase price: $65,000
Cash invested: $35,000
Full rehab property purchased to fix up to be our new home to put us in a better place financially for future investing.
What made you interested in investing in this type of deal?
Reading multiple real estate investment books, helping me search out deals that make sense financially.
How did you find this deal and how did you negotiate it?
Found deal by setting up notifications on Zillow for FSBO properties.
How did you finance this deal?
20% Down. 30-Year Fixed loan for remaining 80%. $25,000 HELOC loan on the property for the rehab.
Lessons learned? Challenges?
If something in a home, even if it's a rehab, is functional and in good condition, you do not need to replace it. Save those replacement costs for the finishes of the rehab. Mechanical systems don't always need to be replaced.