Big hidden expenses

[Chad Spanberger]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $185,000
Cash invested: $40,000

This was the typical buy, update and then rent. When we bought it we did not realize we had foundation problems so that was a big expense at first. Everything else was cosmetic updates.

How did you add value to the deal?

We updated the floors, painted the walls, and moved the kitchen. Also fixed the foundation that was cracked and sinking.

Lessons learned? Challenges?

Expect the unexpected