The rehab that came faster than expected.

[Vincent Curtin]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $80,000

We bought the property off a family by taking money out our retirement. We first had it as a long term rental during Covid. The tenants detroyed the property, so we did a complete rehab and turned it into a short term.

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

The price of the property, we bought into equity.

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

Family member wanted to sell. I tried talking them into keeping the property as a income, but they had no interest. We bought it from them.

How did you finance this deal?

We pulled the money from our retirement to buy the property.

How did you add value to the deal?

When we first bought it, we did the basics. We painted, added fans, cleaned the property, we had the idea of doing a full rehab in the future. We got a long term tenant in the property.

What was the outcome?

The tenants completely detroyed the property. We got them out in October 2021. We did a complete rehab and turned it to a short term rental that we stated in April 2022.

Lessons learned? Challenges?

Do better at screening tenants. We made the mistake of getting someone in there fast to start generating cash flow. We also learned you can not be Mr/Mrs nice guy and help people and trust what they say. Do your homework!

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

Yes