NC 22 Hwy Carthage, NC

[Jennifer Roof]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $295,000
Cash invested: $22,000

Before moving into this house we had to add piers under the hours as the previous were not grounded with cement. We also had some exposed wires under the house that required some minor electric upgrades to bring to code. We are remodeling the home one room at a time. We are on the kitchen at this point. Will add pics when it is done. We have decided not to flip this as this is our forever home. However, we do plan to pull out the equity in the near future.

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

Property was built in 1970's and had not been updated since then. There were a few foundation and electrical issues, but most of the updates were cosmetic. This was a great home for us to live and work on while both of us work full time.

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

Real Estate Agent

How did you finance this deal?

VA loan

How did you add value to the deal?

Added piers in foundation, repaired electrical issues. Hard wood floor replaced all carpet in the house. Add walk in closet & larger master bath. We added a full bathroom in another bathroom to create 2 master suites. Added a half bath for guest. Removed wall to make floorplan more open. Currently in the process of remodeling the kitchen

What was the outcome?

so far so good

Lessons learned? Challenges?

Everything costs more than you think it will. Budget extra for overages