SFH into THREE 4 plex's. Not your typical investment!

[Dan Chipps]

Investment Info:

Single-family residence buy & hold investment in Puyallup.

Purchase price: $123,700
Cash invested: $37,000

Parents gave us kids money to go to college, I knew I was joining the military so I had them buy a SFH Rental wile i was in-training.
They bought a house that has a Kitchen / Attic fire for 146k.

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

I grew up working and repairing rentals my parents owned in Puyallup WA. They owned 3 Duplex's and i got to learn first had what you where able to accomplish buy smart real estate investing. I knew that if I was to put the money my parents put aside for my to work that when I got out I would be able to build my dream home with the growing Equity that i forced back in to the house.

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

Parents found it wile I was stationed in Coronado CA. I didn't even see the houses until I was fully discharged with honer and found my self moving in. :)

How did you finance this deal?

Cash down mortgage.

How did you add value to the deal?

16x28 slab in the back of the property that I "Fixed" now its a 8 inch monolithic slab with rebar and 1/8th inch wire for a foundation for a Attachable ma and pa unit.
Built new trusses inside the roof up to code to sure up the old slightly burnt ones.
Re roofed it including new osb.
Resided the whole house
Installed a new incert propane fire place,
Removed the old laminate shower unit and tiled the bathroom, new vanity
Hardwood floors
Led lighting all over
Painted whole house
Ect....

What was the outcome?

House was appraised at 289k with a sale price to match my area of 310k

Lessons learned? Challenges?

RESEARCH
RESEARCH
RESEARCH
UTILIZ LEGAL LOOP HOLES
RESEARCH
RESEARCH
Ect.

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

No. This is the house I am living in. My goal was to turned in it to my equity machine that is going to jump start my Buy & Hold startup, leading in to Trade up scenarios!