1890's house in the city of Wayne MI

[Bryan H.]

Investment Info:

Single-family residence other investment.

Purchase price: $115,000
Cash invested: $15,000

This is an older home in the city of Wayne that has sat vacant on the MLS for a year. We came in and fixed the major problems with the house including but not limited to Replacing the sewer main section with PVC, repairing foundation issues, fix hills and valleys of the houses sub-flooring, replumb first-floor bathroom,removed and replaced damaged and leaking HVAC piping and did a full house renovation to update the house.

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

I knew the value of the house would be about 180-200k after 15-20k worth of renovations

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

This was on the MLS and it was negotiated with my real estate agent.

How did you finance this deal?

Traditional financing

How did you add value to the deal?

I renovated the home

What was the outcome?

it is currently a buy and hold

Lessons learned? Challenges?

How to fix sewer issues and foundation issues

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

N/A