Personal home Rehab for HELOC

[Ben Baye]

Investment Info:

Single-family residence other investment in Ladysmith.

Purchase price: $144,000
Cash invested: $18,500

3 bed 1.5 bath ranch SFR on 39 acres

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

We were planning to move to WI and wanted a personal residence with acerage that needed renovation so we could force appreciation after a few years and either take out an equity loan or do a HELOC to open up assets for investing.

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

Zillow and Real Estate Solutions for showing

How did you finance this deal?

20yr variable rate with 20% down 2 yr balloon which we extended to do the renovation at a better time for us.

How did you add value to the deal?

We are currently redoing the entire house; flooring, bathrooms, kitchen cabinets, removing Luna walls and sheetrocking, removed a bunch of unnecessary walls to open floor plan up, new doors and trim, new furnace, waterlines, water heater, lots of new wiring and lighting, pine T&G walls in dining room, insulated attic and a ton of landscaping (mostly tree, brush and flower removal). In garage; jacked up sagging roof, added breaker panel, wiring, lighting, insulated, new overhead doors and heat.

What was the outcome?

In progress

Lessons learned? Challenges?

As most renovations go there were a few hidden surprises with wiring and unexposed joists but only a few days to correct. Other than that it is going well.

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

Real Estate Solutions for acquisition