Started off as a run down outdated 1 bedroom 1 bath home in Sanger - was purchased from a wholesaler for $125k - Added 1 full bedroom to the house, replaced wall heaters and window AC with HVAC ands ducting throughout - replaced old circuit breaker panel with new updated one and rewired interior electrical, replaced all windows with dual pane windows, replaced most of the doors, laid new carpeting in the bedrooms and wood plank flooring in the living room, tile in kitchen and bath, added new baseboards and painted interior, replaced all doors in the house, granite countertops, new lower cabinets, all new appliances, added rails to the front porch, converted an older closet into a laundry room / new closet, completely remodeled bathroom to make way for a new door to the new bedroom ( not shown in pics), new wall tile in tub/shower, redid some roofing, and painted the entire exterior.

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

The opportunity to add value to something that needed some TLC

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

It was sent to me through a wholesaler and as soon as I saw it I knew that I wanted this to be my next project - I was able to negotiate a little off the top - but overall was satisfied with our purchase price

How did you finance this deal?

Down payment was my own cash , hard money lender for the balance, and credit cards for the rehab

How did you add value to the deal?

Just read the description - almost every part of the house has been updated

What was the outcome?

A beautiful 2 bedroom 1 bath house that has become our next rental and is already rented out

Lessons learned? Challenges?

Don't do construction without permits while the city is working on the street in front of your house - also don't pay for cheap labor - you'll just end up spending the money having it done the right way at the right price. Timing was really bad - the contractors lined up to do the work were not available by the time my lender funded, so we sat on the backburner a couple of weeks - just in time for the city to be doing work in front of our house and notice our project had no permit - major delay

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

I am my own agent, but it was a wholesale deal anyway - also worked with a local hard money lender that I will NEVER use again - not naming names, but I'll tell you if you ask me. We refinanced with Owning and we were pretty happy with them for most part -