2517 Perdue Ave, Columbus Ohio (SFH-BRRRR)

[Hannah Lucas]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $40,000
Cash invested: $34,000

We purchased this property (10% down on seller financing) from my grandparents and did roughly $29,000 worth of rehab. (pictures are prior to appliances being installed).

We purchased the property in August, did the clean out ourselves (previous tenant left a mess- clothes, mold, stole equipment and appliances, left a car, oh and had dogs, cats, and squirrels living in the house!), had a contractor do the rehab. Rehab started in September and finished early January.

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

I always wanted to get into investing and this was a perfect property to start on.

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

We bought this from my grandparents (huge thank you for trusting us!)

How did you finance this deal?

Seller financed via land contract

How did you add value to the deal?

Full rehab

What was the outcome?

Best case scenario! The rehab done had given us a handful of tenants to consider.

Lessons learned? Challenges?

As much as I believe in sweat equity.. this house was scarring. Walking into a house full of the previous tenants belongings and having to clean it out after them was not appealing. We both work a w2 job and had to come by every evening and weekend for 3 weeks in order to get the house cleaned out. May have been about the same $ wise to hire someone to clean it out for us and get it done in a few short days.

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

We really utilized our family connections in this deal. My partners dad (Bob Moraine) was able to help write up our land contract. We knew we wanted to cash out refinance after all was said and done, and in doing so we utilized Michael Barnabei to get us connected with a lender and get the deal closed.