1912 Sears Catalog Home

[Richard Crosby]

Investment Info:

Single-family residence buy & hold investment in Fairmont.

Purchase price: $85,000

My first home is a 1912 Sears Catalog home that I purchased through an owner finance of $500/month for the life of the loan with ZERO INTEREST! Restoration is a passion which is why I was attracted to this home in the first place. I have been living in the home since it was purchased but now i have my crew in there remodeling it so that we can refinance and keep as a rental.

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

The house had been sitting empty and was starting to deteriorate and I couldn't stand to watch it fall apart.

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

The house is next door to where I grew up.

How did you finance this deal?

Owner financing with zero interest for the life of the loan.

How did you add value to the deal?

Remodeling from foundation to roof.