Short Term Winner

[Jeff Boyle]

Investment Info:

Single-family residence buy & hold investment in Hamilton.

Purchase price: $92,000

Purchased this 1.5 bathroom home that is next to a large (largest in the country) indoor sports complex and a hospital. We are going to completely renovate it from bottom to top while adding an additional bathroom. We are turning it into a short term rental. We should have it ready in May 2022.

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

It is only a few block from what is the largest indoor sports complex in the United States which brings in 10's of thousands of people just about every weekend.

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

I was referred to the owner by a mutual friend and told that he wanted to get rid of it. I went in with the thought of I we can buy it at the right price then great. If not, I can alway sell it for him.

How did you finance this deal?

Convention Loan with 25% down.

How did you add value to the deal?

We gutted the entire house and remodeled it back into virtually a new house.

What was the outcome?

The house turned out great and it has become a fantastic short term rental for us.

Lessons learned? Challenges?

Better self inspections. We ended up having to tear out the entire first and 2nd floor floor systems due to settling in the middle of the house. It costs us an extra $15,000 and about 30 to 45 days.