Upgrading the Quality of my Investments. Another SFR added

[Federico Gutierrez]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $66,500
Cash invested: $13,000

Property was bought off the MLS for CASH in a B Area. Standouts: large kitchen and open floor plan. Fenced in yard. Previous Seller had new ROOF installed in 2016.
Needed to update Bathrooms, Paint. One Failure I made was not change the Furnace. During the Polar Vortex Cleveland had the Furnace blew up and the fire department broke into the property which was VACANT. Destroyed my front door and such off gas. Had to replace, Furnace, add new GAS Line and new FRONT DOOR. Budget went over $3500.

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

Area has a big push and the fact it had been on the market for 100 plus days

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

MLS and being a CASH offer I negotiated it down by $15,000

How did you finance this deal?

CASH

How did you add value to the deal?

Renovated Bathrooms, new furnace.

What was the outcome?

Quality Home that will be headache free as everything has been checked or updated

Lessons learned? Challenges?

Just change the furnace when it's OLD. Prevent fire department breaking in and turning off the gas due to furnace blowing up

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

I was the agent