Steep Learning Curve w/ First Renovation

[Alexandra Vaughn]

Investment Info:

Townhouse buy & hold investment.

Purchase price: $170,000
Cash invested: $25,000

3 bd 2 ba townhome located within minutes of malls, major highways, UNC Charlotte, and Atrium University Hospital. Using as a midterm rental through Furnished Finder where it's the entire unit, as well as the individual bedrooms have been rented.

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

The property was my private residence, but after relocating, used as my first property within investment portfolio.

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

Listed within MLS while working with realtor.

How did you finance this deal?

Mortgage

How did you add value to the deal?

Completely new kitchen with upgraded SS appliances and granite countertops.

What was the outcome?

Current lease in place generates $1k in profit monthly.

Lessons learned? Challenges?

The renovation took months longer than expected as I learned how to ensure to keep a project on track while learning on the fly.

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

Tracy Roberts