From Mediocrity to Luxury

[Victor Gurley Jr.]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $205,000
Cash invested: $25,000
Sale price: $460,000

I purchased this property as a foreclosure. I did extensive remodeling. This was a cash flowing machine as a long term rental and then as a short term rental, before cashing out in 2022.

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

The Tampa Bay housing market was still a hidden gem and very affordable.

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

I searched for foreclosure homes and I negotiated to pay a $7k over asking so that I could beat the multiple offers that were in on it.

How did you finance this deal?

I financed with a VA loan so I wouldn't need to make a down payment. I later refinanced.

How did you add value to the deal?

- Full kitchen remodel
- New flooring
- Interior and Exterior paint
- Smart home
- 2 new AC units
- New roof

What was the outcome?

A house that was very profitable

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

Victor Gurley Jr, REALTOR