Updated almost 7 years ago on .
highland park large residential conversion
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $2,000
Cash invested: $196,032
converting 4fam residential into large single fam private luxury residence for owners. expanded grounds by purchasing 3 surrounding lots.
What made you interested in investing in this type of deal?
to have a place to "retire to"
How did you find this deal and how did you negotiate it?
craigslist. was listed for 5k, I saw the roof needed to be replaced so I submitted an offer for 2k.
How did you finance this deal?
savings and the profit form a sale of an out of state property.
How did you add value to the deal?
by installing custom/upscale features and expanding the grounds.
What was the outcome?
still renovating, in litigation against a former contractor
Lessons learned? Challenges?
never pay a contractor/company anything up front even if it takes you years to find someone to do the work.
live somewhere for a couple of years before trying to get into a total gut.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
no, and I don't recommend buying off cg. i was lucky.