Third Investment Property.

[Shivam Patel]

Investment Info:

Single-family residence buy & hold investment in Westampton.

Purchase price: $1
Cash invested: $40,000

Inherited a house, it was completely demolished. Drugs were found in basement, holes in wall, and completely destroyed interior. I fixed it up and rented it out to new tenants. The house unrecognizable.

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

I inherited the house, figured to hold it then wholesale. We could definately add value.

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

I did not have to negotiate this deal.

How did you finance this deal?

I bought this property in cash.

How did you add value to the deal?

Added massive repairs to the property to make it in pristine condition for tenants.

What was the outcome?

Rented for $2000+ a month for this house. Since it is fully paid off, it cashflows nice.

Lessons learned? Challenges?

If you ever do a drug house. Be aware of the dangers of people trying to come to the house and harass your contractors. Be ready to call the police.

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

I worked with some phenomenal contractors but that's classified information.