Rehab of inherited home

[Aaron Hill]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $275,000
Cash invested: $100,000

Hoarder home, removed everything to subfloor and drywall. Nearly complete, waiting on countertops and a couple of incidentals. Slower than I would have liked because my main business is in Bozeman and this project was a 3 hour drive away in Missoula. Rent will be between $2500-2750, ARV of $460,000-$480,000. Perfect project for my skill set, looking for more.

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

I sort of inherited it, it was my mother in law's home.

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

Dealing with the passing of my mother in law. Engaging in the process led me to investigate real estate investment and subsequently to BP. Let's be honest, this deal was easy because of the circumstances and I'm not foolish enough to think it will be like this on other deals. However it did lead me to deeply studying REI as a strategy.

How did you finance this deal?

Assuming the mortgage, rehab with cash.

How did you add value to the deal?

Elbow grease and craftsmanship.

Lessons learned? Challenges?

Deal with financing first.