Used first SFH investment as 2nd major renovation lesson.

[Laura Cosmano]

Investment Info:

Single-family residence buy & hold investment.

In 2019, I purchased my first investment property with the intent to buy and hold. When dealing with a 1,000 sqft property, maximizing every inch becomes critical. I decided to do a complete renovation of the home, rather than placing tenants right away. Recognizing the importance of enhancing both functionality and aesthetics, I embarked on a comprehensive renovation project, focusing particularly on the kitchen and bathrooms.

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

I am familiar with the neighborhood and the price was right.

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

I found the deal on realtor.com, my realtor, Steve helped me negotiate it after SEVERAL offers. Our first offer actually didn't go through. It came back on the market again, I submitted another offer and got the property!

How did you finance this deal?

Bank

How did you add value to the deal?

Complete renovation/gut.

What was the outcome?

Successful renovation, long story, but we are just holding on to it for now.

Lessons learned? Challenges?

These are a list of my lessons and challenges along the way:
*Pay someone to rip up the tile in a house! Not worth the headache, even if you rent a floor scraper.
*Insurance company came by, did an inspection and stated the property was vacant. Suggestion: Put up blinds of some sort or window coverings.
*Be present or have someone take photos while cabinets are being installed, this saved me from buying an extra lower and upper cabinet as they weren't needed.

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

Yes! Steve Luppert (realtor). I wouldn't have this property if it wasn't for Steve. We work well together.