First Remote Rehab Complete!!!

[Ryan Ridgley]

Investment Info:

Single-family residence buy & hold investment in Memphis.

Purchase price: $42,000
Cash invested: $11,500

Rehab is complete on this single family rental! It will occupied until the 6th month point when we can do a cash out refinance! Ready for the next property!

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

We decided on Memphis based on the lower barrier of entry than our local market. Memphis is a great area with great people and we wanted to create a nice home for someone one to call home.

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

We found this deal with the help of CrestCore Property Managment. Brooke has helped us along the way make offers and negotiate this deal all while we were out of state.

How did you finance this deal?

Hard Money.

How did you add value to the deal?

We just did a conventional class C rehab and during the process found wood floors under carpets so we refinished them.

Lessons learned? Challenges?

It is easier than you think. Anyone can do it. People say this a lot, and honestly I thought it was smart people just saying that. If you can use excel and are a good communicator then you can do this!

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

CrestCore Property Management. CrestCore Financial.

[Ryan Ridgley]

@Gabe Viteri I used their rehab team as well and the PM. 

@Gurshan Bansal - I have been targeting the 38128, 38116, 38118 and 38122. This property is actually in 38127. From what I have seen it is a good area, but the further away you get from the city and the more northwest you get the worst it gets. It can still be street by street so you always have to do your research. 51 splits it, the northwest corner is a challenge. There isn’t much going on in the northwest corner. 74% investor area is what I think I saw.