Updated over 1 year ago on . Most recent reply
HOLD & KEEP with ADU
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $545,000
Cash invested: $120,000
Sale price: $545,000
This lovely home was acquired by a seller in distress who did not wish to go the traditional route of selling. My team an I hauled over 12 tons of items from the house, did a minor renovation, and converted the workshop into an Accessory Dwelling Unit (ADU).
What made you interested in investing in this type of deal?
LOCATION! LOCATION! LOCATION! And the overwhelming potential.
How did you find this deal and how did you negotiate it?
It was originally a listing appointment, seller decided not to list and after a few months she reached out needing a quick sell.
How did you finance this deal?
Private lender
How did you add value to the deal?
Converting the workshop to and ADU would be by far the greatest way value was added. Additionally, home had been neglected for a while but with a few good hands-on deck it was restored to its intended beauty.
What was the outcome?
Turned into a great rental, that down the road will make an excellent personal or retirement property.
Lessons learned? Challenges?
Look for the gem in the rough. Everything has potential.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, I would highly recommend my realtor. She has been in the business for well over 13 years, has strong negotiation skills, and a good eye for what clients are looking for. That realtor is me!!!!