Progress on historic home in North Carolina

[William Goodlett]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $4,784
Cash invested: $20,000

Historic home in Winston Salem, NC. Going hold for 2-3 years and then sale

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

This is in a OP zone.

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

I found the deal from telling people that I buy homes and someone told me that they have a friend that was trying to sell a home through a couple companies in the past, with no luck. It took a year of me talking to the owner and waiting for her to agree on a good enough price; close to the market.

How did you finance this deal?

All cash deal. My brother-N-Law wanted to get into real estate with me so he helped fund the deal and pay for the materials needed.

How did you add value to the deal?

Total repair to the home, porch, roof, siding on the back, exterior paint, wiring, windows, clean out, and plumbing.

What was the outcome?

Not yet finished

Lessons learned? Challenges?

Some times it's worth calling around and getting 6-7 quotes. Take your time and be flexible with your time frame.

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

No.