Memphis Newly Renovated Rental Property!

[James Martin]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $60,000
Cash invested: $65,000

This house was tenant occupied and burned down during the winter storm in Memphis, TN. Turns out the the electrical company was repairing a down line and once it was restored it sent a huge surge to the electrical panel. Luckily no one was injured nor hurt except the property.

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

The area has a huge demand for more rentals homes.

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

It was a property that one of my clients had us manage. He decided to sell off his old portfolio and upgrade to homes over $200,000.

How did you finance this deal?

Funding came from a small local bank here in Memphis, Tn

How did you add value to the deal?

It was originally a 3 bedroom with a huge dinning area. We added a wall, window & closet and made a 4th bedroom.

What was the outcome?

Success

Lessons learned? Challenges?

No challenges

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

My company performed all the work.