Small Town Primary SFH

[Adam McAllister]

Investment Info:

Single-family residence other investment.

Purchase price: $100,000
Cash invested: $15,000

Renovating my primary residence to cash out refinance and to scale into my first STR.

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

Biggerpockets

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

Local realtor

How did you finance this deal?

Conventional mortgage 5% down

How did you add value to the deal?

Removed a wall to make a open concept kitchen with a new layout. Entire new kitchen, refinished wood floors, upgraded fused non grounded electrical to all new.

What was the outcome?

Not yet completed

Lessons learned? Challenges?

Houses that need major renovations need way more than cosmetic updates and take longer/cost more to complete. Make sure the deal is right or find properties that only need flooring/paint/etc.