All Forum Posts by: Heath D Wallace

No,  I'd have to refinance this house first. 

God willing. 

Rent should be around $1500

Total rehab is $66,500. Expected ARV $200,000.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $75,000
Cash invested: $69,500

This a complete gut rehab. The foundation needs raising, the electrical breaker box needs updating, we are adding a bathroom, so it will be a 3 bed 2 bathroom once all is said and done. Everything else has been gutted to the studs.

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

I was looking to BRRRR a property and I wanted something close to where I know people. Also the Hard Rock Cafe just opened a Hotel/Casino.

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

I found a realtor on zillow from another posting. I told her what I was looking for, and she said I have just the thing.

How did you finance this deal?

HELOC from my primary residence.

How did you add value to the deal?

By adding a bathroom & updating the interior.

What was the outcome?

We shall see.

Lessons learned? Challenges?

It's hard to find a contractor in the Bristol area.

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

Donna Addington

I contacted Rocket Mortgage they can give me a $50,000 loan with a 6-7% interest rate.  As long as the appraisal comes back at $85,000.  This isn't a rehab draw loan.

What does a good Rehab Loan look like for a $75,000 house with a $70,000 rehab budget?  I'm looking for interest rates, draw schedules, etc...

So you expect the repairs to be $45k maximum? I still need an estimate from a contractor to get a ballpark figure, $30 was a speculation. I was also thinking about adding a bathroom to boost the ARV. Thanks for the input.

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