Completely renovated home in Germantown!

[Jackie Lambert]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $164,500
Cash invested: $54,000

This home was a flip by someone else. They did a pretty good job as it was lovely. Had to add mirrors and small wall cabinets in the bathrooms, then waterproof the cellar (seller split that with us).

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

It had been on the market a while. So we asked a little lower on the asking price and they accepted it. And this was the nicest property (interior wise) we had looked at so far. We were excited at the return that could bring in that up and coming area.

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

Driving through the neighborhood. Zillow gave me all the info on how long it had been on the market. We peeked an Open House too, before we went back with our realtor.

How did you finance this deal?

At this point in our REI journey we had opened a HELOC on our home that was paid off before we got our first property. The limit on it was $115K. The cash we were short on this deal went on the HELOC. Then we focused on paying it off before our next property purchase. We did this for every deal after this one. But that was when the HELOC interest rate was 3.25%. (Posting this in Oct 2023 it's 8.75%)

How did you add value to the deal?

Didn’t have to do much. The home was ready to go!