Buy, Rehab, Rent, Refinance, Repeat #2

[Quentin McNew]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $75,000
Cash invested: $23,500

Purchase: $75,000
Rehab: $23,500
All in: $98,500
ARV: $128,000
Rents: $1,233

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

Knowing the local market and walking distance to the high school.

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

Networking with wholesalers.

How did you finance this deal?

Private money at 9% interest only

How did you add value to the deal?

All new flooring, fresh paint, Whirlpool appliance package, updated exterior paint, new fixtures, tile the bathrooms, etc.

What was the outcome?

Found resident at $1,233 before finishing the rehab. Able to have everything fresh with vinyl plank floorings to lower future maintenance and cap ex expenses.

Plan to transfer this equity into other projects and keep the velocity of money moving.

Lessons learned? Challenges?

Order cabinets 2-3 weeks ahead a time if you are not grabbing them off the stock shelves at Home Depot. Ended up cancelling order and buying off Home Depot shelf after order kept getting pushed back.

***Be Systematic
***Repeatability creates scalability