First Property, Full Rehab

[Teresa Marie]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $32,500
Cash invested: $50,000

This is a total rehab. It was practically already gutted when we bought it so we've been reinforcing, adding hvac, adding electric, finding doors, repairing walls, floors, falling down sections, etc. But my sister and I are doing it on our own and going slow! This will be two short or medium term rentals when we finish...hopefully by July!

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

We could afford it. At least before the rehab...

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

MLS. Countered their counter and they accepted.

How did you finance this deal?

Out of pocket

How did you add value to the deal?

So far, hvac, partial roof, reinforcing some areas of foundation, working now on electrical and plumbing.

What was the outcome?

In progress

Lessons learned? Challenges?

Buy something that needs a little less work next time. This one is our tuition.

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

Witzke Electric is AMAZING!!!