140 Thoroughbred Drive, Troutman, NC 28166

[Alfred Samuels]

Investment Info:

Single-family residence buy & hold investment in Troutman.

Purchase price: $180,000
Cash invested: $36,000

4 bedroom 2 bath rental home. Not ready for occupancy yet. Expecting to have it ready 3/15/22.

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

We wanted to get a property that was close to being ready to rent. Hopefully, to quickly start making returns.

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

We found it on MLS. We negotiated a little once we got back the inspection report during the due diligence period.

How did you finance this deal?

Conventional lender.

How did you add value to the deal?

We are currently bringing it back to rent ready. Repairing the items off the inspection report. Planning on also replacing the big ticket items, Air conditioner, Water heater and Furnace. These will be done once we have a tenant in place.

What was the outcome?

Stay tuned have not finished the work yet. We are still 2-3 weeks away from a finished product.

Lessons learned? Challenges?

Yes, plenty. Put all of your conditions listed with prices from a General Contractor and revise the contract with the agreed upon changes in writing. We didn't and it cost us about $10K.

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

At this time we are going to refer the people we used. Things did not go as planned and we would not like for anyone to have the experience we had.