West Knoxville - Buy and hold, cash out refi then heloc

[Cory King]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $180,000
Cash invested: $100,000

Personal home. bought off market and put a small amount down on a conventional loan. spent $100k on the remodel. home appraised at $415,000 when done and I did a cash out refinance and holding. Then opened up a HELOC on the home for $100,000 which gives me some cash to use on other deals

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

Great neighborhood w/ top elementary school. Ugliest house on the block kind of opportunity

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

Bought off market through the seller who I met hosting an open house.

How did you finance this deal?

Conventional loan then my own cash for the rehab, then did a cash out refi followed by a heloc for extra cash availability for future investing

How did you add value to the deal?

full gut total remodel. new roof, siding, hvac, plumbing, windows, bathrooms, kitchens... you name it I replaced it.

What was the outcome?

$415,000 appraised value when done. cash out refi then heloc for $100k

Lessons learned? Challenges?

Acted as my own GC to "save costs and time". Overall it came out fine, but I should have just paid someone to manage it more as there are a few things I just totally missed.

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

Self represented as the buyer/agent.