From Frozen-in-Time to Vibrant Rental: The Renovation Journey of 18 Aberdeen Ave

[Alyson Anderson]

Investment Info:

Single-family residence buy & hold investment in Aberdeen.

Purchase price: $65,000
Cash invested: $55,000

At 18 Aberdeen Ave, a frozen-in-time townhome, our renovation adventure began with the bathroom—a sight to behold with mismatched tiles and a worn-out bathtub. With professional help, weeks turned into an eternity of sawdust and paint cans. Finally, our journey ended with a sense of accomplishment and a perfect tenant who embraced the house's unique story. The potential renters couldn't help but love the house along with us, realizing that this home had more to offer than just a place to live.

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

Investing in a frozen-in-time townhome like 18 Aberdeen Ave was an irresistible opportunity. The potential to breathe new life into a property with so much character and potential fueled my excitement. I saw it as a chance to combine my passion for renovation and storytelling, creating a unique rental experience for future tenants.

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

Finding this deal was a stroke of luck mixed with a healthy dose of curiosity. While exploring the charming town of Aberdeen, I stumbled upon 18 Aberdeen Ave and immediately saw its hidden potential. Intrigued, I reached out to the seller and began negotiations.

How did you finance this deal?

To finance this deal, I opted for conventional financing. I worked closely with a mortgage lender, providing them with all the necessary documentation and financial information. With their assistance, I secured a loan that covered the purchase price of $75,000. This financing option allowed me to proceed with the renovation and turn this property into a gem worth every penny.

How did you add value to the deal?

Investing my time, effort, and expertise into renovating and transforming the property. Through careful planning and execution, I enhanced its appeal and functionality. Upgrades such as updating the bathroom, refreshing the interior with vibrant colors, and improving the overall condition of the house significantly increased its value. The goal was to create a desirable rental property that would attract tenants and provide them with a comfortable and enjoyable living experience.

What was the outcome?

The outcome of the renovation exceeded my expectations. The property underwent a remarkable transformation, from a frozen-in-time townhome to a vibrant and inviting rental. With the improvements made, we were able to attract a perfect tenant who appreciated the house's unique charm and embraced its story. Not only did the investment prove financially rewarding, but it also brought a sense of fulfillment and accomplishment. The outcome was a successful venture that left a lasting positive impact

Lessons learned? Challenges?

Speaking of challenges, there were plenty along the way. The bathroom renovation proved to be a major undertaking, requiring professional assistance. Additionally, unexpected surprises and setbacks, such as the paint incident, taught me the importance of flexibility and adaptability when faced with unexpected circumstances.