Libertyville School House

[Dustin Krysa]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $120,000
Cash invested: $20,000

1 bed 1 bath school house built in 1790. The interior was fully renovated in 2021.

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

It was my first property in an area I liked and knew a lot about and it was affordable. It seemed to have good exit strategies. The historical value was another thing that drew me to it.

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

My realtor found this after another deal had fell threw down the street. Then I paid full asking price even after the sceptic failed. We made the seller responsible for replacing the septic before the percuss.

How did you finance this deal?

Traditional loan

How did you add value to the deal?

Full gut to the studs and rehabbed it from there.

What was the outcome?

Added approximately $34,000 ARV appreciation. Its currently renting for $1,775 per month.

Lessons learned? Challenges?

I got lucky on how things just fell into place. I learned a lot abought and sharpened my skills and knowledge on home construction, renovation, and codes. I personally relay enjoyed running all new electrical.
The biggest thing I learned is to contract out is needed. It my be more expensive up front but the time saved is made up on the turn around time to get money coming in from what ever tactic you are implamenting.

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

Executive Realties, my realtor was Jim Meglety.