Home-turned investment property!

[Debra Martin]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $129,500
Cash invested: $20,000

3 bd/1.5 bath on double lot. 1 car detached garage, summer kitchen with root cellar, workshop and long storage-building on property. Partially fenced in yard. Heat pump installed 9/2019.

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

We moved to VA and needed a place to live!

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

We found this property through our real estate agent. Asking was 132k, seller accepted our offer.

How did you finance this deal?

Mortgage broker set up FHA loan for our primary residence.

How did you add value to the deal?

Tore out all of the carpet to reveal BEAUTIFUL hardwood floors,
Complete gut to studs remodel in full bath,
Heat pump install,
Levelled home (sinking due to age),
Fenced in part of yard,
New flooring in kitchen and laundry room,
Updated 1/2 bath,
Remodeled kitchen

What was the outcome?

Currently looking for our next investment in Luray, VA to get tenant in this property.

Lessons learned? Challenges?

TBD!

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

We worked with Wanda Himes at Weichert Realtors and she's been fantastic. She got us into our home in record time when we moved from out of state and is helping us find our next deal.