Single Family Facelift and rent
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $243,000
Cash invested: $35,000
Single-family home that my wife and I fixed up (mostly cosmetically) while we lived there.
What made you interested in investing in this type of deal?
This was our first home. We knew buying a place that could use a facelift could be beneficial, and DIY felt like the best way to acquire those skills.
How did you find this deal and how did you negotiate it?
The deal was on MLS with an agent. Offered $3k over asking (not bad for 2020), and it appraised for 5% over sales price.
How did you finance this deal?
Conventional mortgage 5% down. Saved up money during college with my wife to get the down payment.
How did you add value to the deal?
Painted everything, installed recessed lights, refinished hardwood floors, replaced hardware, etc.
What was the outcome?
In process of renting it to a tenant.
Lessons learned? Challenges?
Sometimes it's who, not how.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I got financing through the mortgage company I came to work for. So now I'd recommend me ;)
