Single family fix and hold in NW Indiana

[Tricia Koning]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $82,000
Cash invested: $55,000

Bought a REO property that had broken water pipe evidence in basement. I acted my own RE agent. Worked with a general contractor to fix home, added a 3rd bedroom with egress window in basement to create a 3/1. Long term rental and working with property manager.

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

I wanted to start with a small, inexpensive house for my first investment property.

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

I found it on the MLS and I was my own RE agent.

How did you finance this deal?

cash

What was the outcome?

qualified long term rental

Lessons learned? Challenges?

the city building dept wants all new electrical and pluming. Contractors take 2 or 3 times longer than they estimate. I liked working with a general contractor for my first fix and hold.

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

Tricia Koning, licensed in IL, IN , MI with Coldwell Banker.