2760 Vine Rd

[Don Panchamsingh]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $110,000
Cash invested: $30,000

3 bed, 2 full bath, 1152 sq ft, on an acre lot.

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

I like SFH in the suburbs of working class neighborhoods

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

A wholesaler contacted me and they wanted $140K and I offered $110K and they accepted.

How did you finance this deal?

Hard money lender

How did you add value to the deal?

Cleared completely overgrown acre of trach trees, opened up the exterior space, put in aggregate driveway and parking spots for 4 vehicles. Inside was repainted completely, new appliance package. Some areas needed new subfloor, new carpet in living room and master bedroom. All new LED lights and lite fixtures.

What was the outcome?

I had to spend more that I estimated, it took a little longer to rehab, the appraisal came in a little lower that my estimation, not a perfect BRRRR.

Lessons learned? Challenges?

Many lessons learned, how to identify a stick built house and a manufactured house and that the appraiser is different for both types.
When the property you buy is divided into 2 different townships, who takes care of what utility.

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

N\A