Investment Info:

Single-family residence other investment.

Purchase price: $77,500

House in Colonial Acres (38117), was vacant for 9 years. Purchased without seeing the inside of the property. Use hard money for purchase and rehab. Purchased house for $77,500, and spent $28,000 on renovation. I used to be a contractor and did 90% of the work myself.

What made you interested in investing in this type of deal?

I love the area. I have lived in this neighborhood for 9 years. I ran the numbers every way imaginable and they worked.

How did you find this deal and how did you negotiate it?

This house is on a 5K route I run from my house. I located the owner via tax assessor. Long story short, 6 months after calling and negotiating she decided to sell to a wholesaler for $15K less than I offered her.. Haha still don't understand that.. I then found the wholesaler and purchased the property from him for $15K more than I offered the original owner. Long story short that wholesaler clipped 30k very quickly.

How did you finance this deal?

100% hard money to purchase and fund the rehab. I am doing a cash-out refi this week and will be getting close to 30K back.

How did you add value to the deal?

I did nearly all the renovation myself. I take pride in my work and make sure everything is done perfectly. I chose not to do things that look good, but things that will last a long time - For example: covered the entire north face of the roof with Ice&water, I know this roof will last at least 20 years.

What was the outcome?

I have a Tenant moving in next week at $1500 a month.

Lessons learned? Challenges?

Forever subbing out Demo work.... Never again will I do that...

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No