Meadowridge Homestead 3/3

[Marty Teresi]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $760,000
Cash invested: $20,000

Personal residence on 5 acres with intention to add value for forced appreciation. Possibility to board horses for monthly cash flow with a 2 stall barn on the property.

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

Lots of opportunity to add value in a very good area.

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

Real estate agent

How did you finance this deal?

Conventional jumbo loan

How did you add value to the deal?

Seeking to add 2 bedrooms and a bathroom by finishing basement or adding an addition. Renovate the kitchen and all bathrooms to add value enough for a HELOC to purchase rental properties and other real estate opportunities.

What was the outcome?

Currently working on renovations

Lessons learned? Challenges?

High mortgage expense has limited cash flow to renovate timely and efficiently. Having a secondary loan for renovations would be very helpful so to alleviate the cost on my monthly cash flow from my w2.