The first renter in 48 years. This is how I started!
Investment Info:
Single-family residence buy & hold investment in Mansfield.
Purchase price: $27,000
Cash invested: $13,000
4 bed 2 bath two story.
What made you interested in investing in this type of deal?
This deal was purchased on the courthouse stairs. It was our third option and I paid $8000 less than my ceiling. It valued out at 70k.
How did you find this deal and how did you negotiate it?
Conservative, number controlled bidding.
How did you finance this deal?
Hard money
How did you add value to the deal?
All new flooring, updated heating, added a 4th bedroom, two new bathrooms, and fresh paint throughout.
What was the outcome?
It’s a money maker and a beautiful home for our tenants.
Lessons learned? Challenges?
Hire a professional plumber if you don’t know what you are doing
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No