Rehab In Michigan turned air bnb

[Thomas Doezema]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $4,000
Cash invested: $30,000

Purchased house with foundation wall collapsed. House was condemned. I saved cash from work and rebuilt the entire house. I vaulted the ceilings and replaced all the electrical, plumbing, and mechanical elements. I also resided, and reroofed the house and built a new deck and gazebo on the property.

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

I have the experience to rehab almost any house and I had the time. I wanted to complete a project on my own that had no debt associated with it.

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

Condemned house on the mls. I had a real estate license in Michigan at the time.

How did you finance this deal?

Cash

How did you add value to the deal?

I rebuilt it myself

What was the outcome?

It’s on air bnb doing well

Lessons learned? Challenges?

I might not pick one that was this far gone again. I had no capital and it has turned out to be a great investment though.