Updated over 5 years ago on .
First Single Family Renovation - Burwinkel Properties, LLC.
Investment Info:
Single-family residence buy & hold investment in Eaton.
Purchase price: $64,000
Cash invested: $21,000
This home received just about everything plus some when we (my wife and I) began to peel the layers back.
- All new flooring, kitchen, light fixtures, switches, outlets, appliances, master bathroom, window treatments, etc.
- Removed a set of windows in the kitchen and opened up the exterior wall for a glass sliding door.
- Added a walk out deck from the new kitchen sliding doors.
What made you interested in investing in this type of deal?
- The deal was private and very close to our home making it ideal for a long term investment property.
- Property sat on 3 lots but had recently been rezoned to 2 lots making them larger lots.
How did you find this deal and how did you negotiate it?
- We found this deal through a mutual friend.
- My wife and I explained to the seller how we arrived at our offer. We were honest and told him from the start what we estimated to pay in renovation cost before getting the property leased out.
How did you finance this deal?
- This deal was all cash.
How did you add value to the deal?
- Paying in cash for the property.
- Allowing the seller to leave anything he did not want to take with him.
- Performing our own home inspection prior to closing.
- Nearly all of the work was completed by ourselves, with exception to the roof vents.
What was the outcome?
- Fully renovated property that requires little maintenance and attracts great clients.
Lessons learned? Challenges?
- The nature of the deal allowed the owner to leave anything and everything in the home as a part of the deal. Do not under estimate how long it takes to clear out an entire house.
- Determine the value of your time. If you spend time going through the previous owners belongings, be confident that you will find item(s) and/or something that will pay for that time spent plus some. If this is not the case, then throw everything away as quickly as possible. Time is money. Spend it wisely!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
- We worked closely with D&T Thomas Rental, LLC. They were and still are our investment mentors.
