Getting paid to buy a rental property

[Daniel Tanasa]

Investment Info:

Single-family residence private money loan investment.

Purchase price: $164,000

I bought this house with Private Money from a Wholesaler sight unseen. Was a complete mess inside, very bad smell, rat infestation and all the attributes making it a good deal for an investor.
The rehabbing of the property was a bit over 33k which included a new HVAC System, Floors throughout the house, new bathrooms vanities, kitchen countertops paint and a lot of sheetrock work and trash removal.
After the rehab was done It appraised for 294k. When I refinanced it I pulled all my money out and got paid 10k at closing for this deal.
Now my monthly payment is around $2150 and the house is rented for $2500 to another investor who is renting it by the bedroom.
I attached some pictures of the before and after of the house.

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

I was familiar with the area and knew it will be a great property after rehab.

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

Was from a wholesaler. I called them right after I got the email and put an offer sight unseen before the showing day to make sure I get it. I had to actually pay a bit more then the initial asking price which was 160k. But their estimated ARV was around 250k so I knew I actually have more room in reality being closer to 300k.

How did you finance this deal?

bought it with Private money which financed 100% of purchase price and gave me 30k for rehab so I went with $0 at closing. Then I refinanced in a DSCR loand and I got paid 14k at second closing.

How did you add value to the deal?

Rehabbing

What was the outcome?

Got paid 10k to buy the deal.

Lessons learned? Challenges?

I had a previous tenant that was living in the garage and had to do a Holdback from the seller until he moved all his stuff ad to make sure I won't need to evict him. He eventually got arrested and his friends came and picked up his stuff. :))

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

I self represented myself on this one.