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Updated almost 6 years ago,
Rehab In Michigan turned air bnb
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.