California Central Coast Farm

[Matt Garret]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $315,000
Cash invested: $120,000

Purchased this home (short sale) as our primary residence. Did a 1,000 sq foot addition and remodel which has increased the value to $1,200,000. Additionally, we have added farm infrastructure to operate a farm to table business. We write off all improvements against the farm business. By using this space for our business, we are making an additional $800/mo profit vs renting a space. We will be adding in RV/camping spaces to boost additional value and income.

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

A way to produce income while living in our dream home

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

Found this home by doing my own search and worked with an awesome agent who sealed the deal for us

How did you finance this deal?

Cash/mortgage

How did you add value to the deal?

1000 sq foot addition which added another bedroom. Remodel which updated the space. Added farm infrastructure to increase value and income. We plan on adding additional value by setting up rv/camping spaces. As the kids leave home, we will set up the home as a high end, short term rental while we transition to our next property.

What was the outcome?

Learned a lot. We came out positive with adding about $600,000 in value. Learned how to deal with the city and contractors

Lessons learned? Challenges?

Realize your vision and work backwards. Be methodical and think through the process. Shop around for contractors

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

Our buying agent was the best! She was just getting her start and worked her butt off for us. I'd recommend her to anyone wanting to buy in SLO County