Buy in Hold High Point Terrace Memphis TN

[Samuel Connor payne]

Investment Info:

Single-family residence buy & hold investment in Memphis.

Purchase price: $170,000
Cash invested: $22,000

Buy and Hold in desirable High Point terrace. This house got a full overhaul. Added a master bed and bathroom as the house had no true master to begin with. We moved and amped up our panel. The house got brand new plank tiles in living spaces, brand new subway tiles in bathrooms, and a herringbone backsplash. House got brand new fixtures throughout the house.

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

Had been looking at investing with the BRRRR strategy and this was a great first find.

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

I found this house on the MLS.

How did you finance this deal?

I financed this deal with a conventional loan.

How did you add value to the deal?

We revamped almost everything inside and out. New paint, tile, countertops, and fixtures. Roof was replaced a year prior to our purchase so no need to replace. New pvc plumbing, and new upgraded panel.

What was the outcome?

We had an all in investment around 195,000 and we did a cash out refinance of 210,000. Current monthly note is 1308 while it is being rented for 1650.

Lessons learned? Challenges?

Definitely learned to get references on which contractors to hire. My electrician showed up one day and started to move the panel then did not show up for a week in a half. The wires were already disconnected so we were without power the entire time. Our drywall/painter quit halfway throughout the job.