Our 3rd property

[Baron Wheeler]

Investment Info:

Single-family residence buy & hold investment in Lake Mary.

Purchase price: $210,000
Cash invested: $95,000

Bought home in poor condition. Old food and dog feces on floor, full of old owners belonging and furniture.

We completely gutted the home down to drywall, replace cabinets, showers, vanities, floors, roof, fence, fixed foundation, retextured walls, led light throughout doors etc. fully painted inside and outside.

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

Great neighborhood and location in neighborhood. One house away from the community pool, playground and park.

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

On MLS and used our agent.

How did you finance this deal?

Paid cash from the sale of our primary residence.

How did you add value to the deal?

Full remodel. We ran into unexpected repairs beyond what we initially budgeted for and did not end up with the equity we thought we would have but still came out ok.

What was the outcome?

Should have the property finished 2/2025 and up for rent to hold. May try furnished rental to try to offset the extra expenses we put into the home.

Lessons learned? Challenges?

Need to put a larger budget for unseen expenses. Also we got emotionally attached to the home and over spend on the rehab with nicer finishes than we probably should have.

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

We used Nick Boyd with keystone realty group 409.789.0227