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Updated over 5 years ago,
Using my childhood home as a rental property
Investment Info:
Single-family residence other investment.
Purchase price: $40,000
Cash invested: $10,000
What made you interested in investing in this type of deal?
I aquired this deal as my grandfather passed and my parents moved into his old house. They did not want to spend the time or money to fix and rent their house out so I purchased it from them for a good deal.
How did you find this deal and how did you negotiate it?
Family
How did you finance this deal?
Family
How did you add value to the deal?
I have totally renovated the entire house making the value of the house increase by more than 50 percent.
What was the outcome?
Currently I am renting out the house
Lessons learned? Challenges?
Rehabing old houses has many hidden suprises such as old wiring, rotten studs or beams,and unlevel flooring being leveled.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Not at this time