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Updated almost 2 years ago,
Wholesale house fixer upper rental buy and hold I bought in 2022
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $44,500
Cash invested: $20,000
Purchased from a wholesaler with rental family. Family moved out recently and am getting it ready for the next renters.
How did you find this deal and how did you negotiate it?
This was a wholesale deal I bought from a trusted source.
How did you finance this deal?
I paid cash. I have been fixing it up using funds borrowed from my solo 401K.
How did you add value to the deal?
By fixing the roof and foundation issues, replacing the hot water heater, the front door and front door frame, new flooring, new paint, new blinds, new kitchen cabinets and appliances, new gutters and downspouts. I will do more work on the outside as we finish up the inside.
What was the outcome?
In the works still but it soon should be a healthy place for someone to live in. I'd like to see this happen to more homes.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I do have a reliable property management company in place. Contact me if you want to know more.