Buy the hoarders house

[Kathleen Anen]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $340,000
Cash invested: $100,000

This is a Mother/Daughter with a water view - We rent it for over $3000 a month

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

This home was behind my current 3 family home (I Live in ) it was the hoarders home in a great community and I could put parking on the lot - If you Live near the Jersey Shore you need many places to park

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

My neighbor said on a face book town page - she was thinking of putting the house up for sale- She did not really did not want anyone in the house because she is a hoarder & had her special needs son living in the basement apt- with NO egress window ( against fire code) / I told her we could do the deal with lawyers - and save money on real estate agents (at that time the seller paid all commissions)

How did you finance this deal?

Put down over 40% and cashed bonds to get the home up graded

How did you add value to the deal?

Adding an egress window in the basement - making it a LEGAL bedroom - Cleaning it up and removing the coy pond that did nothing but breed mosquitoes - painting the siding to give it a fresh new look

What was the outcome?

I have my second contract with renters - it is great when they pay

Lessons learned? Challenges?

Too many to write