My first investment/ my home

[Dayna K hicks]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $380,000
Cash invested: $45,000

Purchased personal home for family. It currently is 1.3K value

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

Needed a home for my family and needed a place to start. this home was listed as 6 bedroom 3 bath home @ 2900 sf. i purchased a blank sheet and have developed 9 bedrooms at this point and 6 bathrooms and sqft is 9866 almost 10k SQFT

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

I found this deal with an agent and my husband who thought this was a great deal if I was will willing to fix it up. I am still working on my home and it is still accruing value.

How did you finance this deal?

I financed this with FHA and refinanced out to gather money to pay off debt and then took a Heloc to have for investing purposes

How did you add value to the deal?

I added a new kitchen and two bathroom , one with Jacuzzi tub. I added two laundry rooms. I have added new hardwood floor completely throughout the first floor.

What was the outcome?

increased value for home and have a nice newly updated but traditional home

Lessons learned? Challenges?

Learn to rehab a bit on our own and to hire a good contractor.

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

Yes, I have a good real estate agent now.