The house that got me to quit my job

[Po Chan]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $42,000
Cash invested: $7,500

Split level house with 2 tenants

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

Ugly house on the market for a long time

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

Found it on Zillow, asking price was 47k, offered 52.1k cash as the competition was very fierce.

How did you add value to the deal?

Added 3 bed 1.5 bath and a kitchen to the house by finish the basement and garage.

What was the outcome?

The addition brings in additional $950 rental revenue to the property.

Lessons learned? Challenges?

Wished I know the market better and have more confidence to buy more.