First buy and hold deal
Investment Info:
Single-family residence buy & hold investment in Lake City.
Purchase price: $57,000
Cash invested: $32,000
3 bedroom / 2 bath house
Purchased from a lady who was about to loose her home for not paying the taxes
Spent too much on renovations because we lacked direction at the time
Currently rented below market value to my brother but don't have any additional expences
How did you find this deal and how did you negotiate it?
Found it on Zillow
My mom was able to negotiate with the seller because she was running out of time before the house was taken from her
How did you finance this deal?
Cash
How did you add value to the deal?
Fixed everything. She didn't have home owners insurance and there was a whole in the room from a tree falling on the house.
What was the outcome?
Broke even but learned a ton
Lessons learned? Challenges?
We had to take our first roofer to court. Get good people to do the work.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Karon Epps was great! She was the only realtor who would work with the "crazy" seller. She helped the lady find a rental and move all her stuff to get the deal closed for us.
Lee Miller's law office in Florence is amazing! They also dealt with the craziness of our closing and did the paperwork for our refinance. They are family friends and the ladies in his office have bent over backwards for my family.