So nice we decided to stay!

[Cyndi Burge]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $312,000
Cash invested: $37,500

This was a home that we purchased with the intention of updating and selling and then fell in love with it so much after the work we stayed in it and is currently our primary residence. Current market value now is approximately $550,000

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

With my real estate experience I can easily see potential of properties and this one had a ton of potential

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

Found it searching the local MLS for another buyer. Negotiation was quite easy because it had been on the market forever and did not show well

How did you finance this deal?

I had to get creative financing and worked with my local lender to do so, who personally helped with a JV agreement

How did you add value to the deal?

We updated the home by removing all the wallpaper, refinishing floors, new appliances, new countertops, paint inside and out and repairing and refinishing the outside deck areas

What was the outcome?

With inputting $37,000 we quickly increase the market value by $65,000 and by staying in the home we have now created over $200,000 in equity

Lessons learned? Challenges?

I wish I would have bought three of them at the time.

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

I was the real estate professional who found the property and had the insight on what it could become