Bankrupt Investment - Single family home
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $150,000
Cash invested: $15,000
Property originally on hold by the bank (taken to the original owner)
What made you interested in investing in this type of deal?
hugly colors, bad carpet, broken slab -> All things that look bad but can be easily fixable.
How did you find this deal and how did you negotiate it?
contacted a real estate agent specialized in bankrupt properties
How did you finance this deal?
Conventional loan fixed rate
How did you add value to the deal?
Change carpet, paint the property, fixed broken slap, fixed fence, fixed AC.
What was the outcome?
The property is worth around $305,000 currently.
Lessons learned? Challenges?
Things that often scared most people can often bring great opportunities.