Downtown Pittsburgh Victorian (1st investment of many)

[Elijah Tisdale]

Investment Info:

Single-family residence buy & hold investment in Topeka.

Purchase price: $215,000
Cash invested: $450,000

This is my first full rehab and purchase of a property which. It will be a short term Airbnb rental.
Have had success with two other Airbnb properties that I currently arbitrage in the local Pittsburgh area.

Purchased the home far below market value with a probate sale.
Purchase Price of $215k + $240k Reno costs
Totaling around $450k all in.
The property appraised for $875k

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

The unique architecture and potential of the property, as well as the money making potential that it had.

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

Found it on Facebook marketplace through our wholesaler that had gotten the deal from the previous owner before he had passed away so purchased it as a probate sale so I was able to get it far below market value.

How did you finance this deal?

Hard money lender.
(The Hard Money Co/FStreet Investments)

How did you add value to the deal?

Full rehab and upgrade.

What was the outcome?

Had an exceptional outcome.
All in at $450,000 and the appraised value of the property is $875,000 on the low end.

Lessons learned? Challenges?

Many lessons have been learned firstly is you can’t be too nice or trusting and second is, don’t wait to figure out the refinance and cash out process and until you are almost done with rehabbing the property because currently going through a very lengthy, cash out refinance ordeal at the moment as I’m trying to get financing terms finalized as we speak.

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

The Hard Money co/ FStreet Investments have been exceptional from start to current.

Still trying to get a lender squared away with the cash out refinance process.