Diamond in the rough

[Jamey Waters]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $8,500
Cash invested: $35,000

Purchased this as a foreclosure. Rehabbed and now a long-term rental.

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

I'm familiar with the area.

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

Purchased as a foreclosure at the courthouse.

How did you finance this deal?

BRRR - paid cash, rehabbed, rented and refinanced. AVR was $165,000.

How did you add value to the deal?

Looked for foreclosure.

Lessons learned? Challenges?

Check bankruptcy before buying a foreclosure. I got lucky that this house was not included in the bankruptcy.

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

No.