Investing info from Midland MI

[Justin Ferullo]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $147,000
Cash invested: $17,000

Live in flip.

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

First job was working for a guy who had 525 rental properties. I would repair things when tenants left. I saw the crazy power in this method of making a living so took the leap over a decade ago. I now have been to 48 countries. Lived in an RV for 5 years traveling America.

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

On the market. Went back in forth. Since the home needed a new furnance and a roof within 5 years we had some wiggle.

How did you finance this deal?

Conventional

How did you add value to the deal?

New Metal Roof, New Furnance, New Floors going in soon, as well as a new bathroom, and a basement wall fix

What was the outcome?

So far the equity is 40k more than we invested and growing.

Lessons learned? Challenges?

Have more contractors. I ran into a snag when my main contractor decided to sell his house here in MI and move to FL. Now I try to have 1-2 main contractors for each profession.

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

The lender I used has since gone out of business in the state. For good reason.