Alexandria Row House

[Casey Sutherland]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $374,000

Cash invested: $130,000

I purchased a 1940s rowhouse that needed complete renovation. The owner had lived in the property for 30+ years and was in her upper 80s. Many repair and maintenance items were way past due. I saw a sweat equity opportunity and gutted the entire property and renovated it up to todays standards.( I subbed out the trades and main work, I just managed the work) I now have a rental unit in the lower level and my Fiance and I live in the top 2 floors.

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

The location was great and talk of a metro station less that a mile from this location as turned out to be true. Less than 5 minutes to a Major Airport and walkable to many restaurants, shops and night life.

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

I found the property on the MLS and negotiated with the listing agent. It was over a holiday weekend I still think I would have lost the deal if there were more people in town that weekend.

How did you finance this deal?

5% down conventional Financing. Cash for renovations

How did you add value to the deal?

Renovations and Rental Unit

What was the outcome?

Property is complete and serves a primary residence for myself and rental unit to generate monthly income.

Lessons learned? Challenges?

managing construction is a full time job and takes a lot of perseverance. Things will always go wrong and you need to find a work around to keep progressing.

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

Yes I acted my own agent but I used a local Lender who is well versed in all types of lending. I would recommend him and his firm for sure!