This was my first home purchase and I wanted a project, boy did I get one!. I purchased this home in March 2016 after my parents told me no, but every other person and trusted friend I told this about, they said DO IT! I did my homework, researched many things, and decided to take the risk. It made business sense at the time for me because I was attempting to start off with SWEAT Equity.

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

At the time, I wanted to end up with sweat equity, so if I needed or wanted to sell the home, I could easily do so. As soon as my father and I completed the renovations ( Yes my dad and I did most of the work), I had two room mates. I was able to nearly cover my mortgage and I only had to cover a 1/3 of the utilities. Boy life was GREAT! Soon after moving in (June 2016), I got a job offer that I couldn't turn down, so I filed my room with another room renter. This began my R/E investing career!

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

Found this on Zillow just cruising listings. Savannah is a smaller city and 2016 was a pretty dead year for R/E.

How did you finance this deal?

Got a 13 month construction interest only loan with a line of credit for repairs.

How did you add value to the deal?

Value was created by my dad and I doing most of the renovations work. I upgraded everything but the bathrooms which was a mistake.

What was the outcome?

The roommate situation eventually fell apart and I rented it out to a family that still rents the home almost 6 years later. Rent has increased from the original lease agreement at $1600 to $2000 (under market value by $400).

Lessons learned? Challenges?

Lesson learned, buy more REAL ESTATE! The county is pretty landlord friendly and the home has appreciated from $137k to now $350k. The Savannah, GA market has a lot of room for growth in many aspects.

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

I didn't have my license at the time, but I worked with a close friend who did. She has since moved to another market. I now can service the Savannah, GA Market, especially for investors.