Perseverance paid off

[Andrew Tranter]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $365,000
Cash invested: $10,000
Sale price: $662,000

I lived in this home for 12 years and watched the value rise and fall through the last downturn in 2008. In 2016 became divorced and the property was worth less than we owed but decided to take a quit claim deed putting the liability into my hands. Planned to rent and hold till market improved with the hopes to cash out at the next peak.

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

Dream house. Planned to raise my kids. Was originally not for investment.

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

Built new construction.

How did you finance this deal?

30 yr fixed.

How did you add value to the deal?

Had a roof claim to replace roof, painted inside and out, new painted cabinets, new flooring , new plumbing fixtures and many hours of hard work after work. Only spent @$10K on renovations because it was all sweat equity.

What was the outcome?

House sold in 1 day for 70K over asking and new record for the neighborhood.

Lessons learned? Challenges?

After 5 years of no end in sight renting out and dealing with AC units going out, pool leaks, roof leak and managing all repairs myself the day finally came to be rewarded. 100% debt free, plenty of cash to buy a bunch of houses. Not my first rodeo here. I was a real estate millionaire before my 30th Bday and lost everything during the 2008 real estate crash. I'm looking to BRRRR, Air BNB, re-build my portfolio and hit my life goals. Lets GO!