SFR near Local Airport

[Christopher Reeder]

Investment Info:

Single-family residence buy & hold investment in Winter Haven.

Purchase price: $82,854
Cash invested: $16,000

3/2 block home needed updating near local municipal airport

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

Our cash holdings had grown with our last 5 homes and we needed to put our free cash to work. This property was our first auction purchase.

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

Auction.com. Being our first auction property, I didn't know what to expect. I watched the property for the first few days it was live and got in the last few hours. We had set a maximum value we would pay and after a few last minute bids, our maximum price was hit and secured.

How did you finance this deal?

Refinance of prior property

How did you add value to the deal?

The property had been vacant for several years but the layout was good. Kitchen was closed in so we took the opportunity to do some minor renovations. Kitchen was doubled in size, full paint inside and out, re-glazed bathrooms and new flooring throughout.

What was the outcome?

As our largest property (sq ft) and from our prior experience, we set a firm cost with our contractor. He was motivated now to complete on time and we minimized our change orders coming in at budget.