First complete and total remodel

[Burt Gourley]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $24,900
Cash invested: $35,000

This was my first real remodel. I did all the work myself other than the things that require a licensed professional/inspection. The house was purchased as a run down rental, it was really torn up bad, the tenants let it go, tore the walls, rooms, bathrooms and plumbing to hell. The land lord wasn't looking forward to handling the mess and wanted to off load the property . I acquired the property and took me almost 7 months to complete doing as much as I can when I had time. the house was gutted , electrical and plumbing were updated, kitchen was completely replaced, the whole house was completely retiled and updated to central air and heat.

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

word of mouth

How did you finance this deal?

private lending

How did you add value to the deal?

complete remodel and update

Lessons learned? Challenges?

Everything that came with a complete remodel