Initial intent to buy/fix/flip, ended up holding and renting!

[Chris Boop]

Investment Info:

Single-family residence buy & hold investment in Levittown.

Purchase price: $120,000
Cash invested: $30,000
Sale price: $160,000

not ideal situation, took longer than expected to complete, had some terrible tenants living there that cost us time and money. Ended up selling just before the real estate boom that is right now and cost myself thousands of dollars. However learned some major lessons and will not be making the same mistakes again.

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

It was a great deal with not much needed to rehab for profit!

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

During my local searches and drivebys. Negotiated with a wholesaler who was easy to work with.

How did you finance this deal?

HELOC

How did you add value to the deal?

we painted the exterior, added new roof, fence, redid the bathroom and floors, kitchen and finally finished up the attached garage.

What was the outcome?

We broke even essentially if not made a slight profit but learned many valuable lessons on what to do and not to do in the next one.

Lessons learned? Challenges?

Timing is everything
Must know the market better
Screening and rescreening tenants
inspect the property of your tenants
make sure to know the eviction laws in your state/region