My First Investment Property!!

[Qionna Bowman]

Investment Info:

Single-family residence buy & hold investment.

Cash invested: $10,000

2 bedroom/1 bath frame ranch, attached garage and sunroom, 800 sq ft

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

I am building a portfolio of properties and I also want to contribute to bringing property values back up by investing in the area.

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

A friend gave a coworker my information. She contacted me and expressed an interest in selling her mother's home because it had been vacant for 4 years. I visited the property to do a walk through to see if I could help. She initially wanted $10k for the property. After inspection, I told her that I could only offer $1k due to property condition, but she would no longer have to pay the taxes or any of the expenses of maintaining the property and I would handle cleaning out the property.

How did you finance this deal?

Cash

How did you add value to the deal?

I am adding value by adding a new roof, plumbing, updating electrical, doing full renovation in the kitchen and bath, refinishing original hardwoods and additional cosmetic touches.

What was the outcome?

Still a work in progess...

Lessons learned? Challenges?

So far I am learning to manage contractors. One major challenge I am currently facing is the COVID pandemic in the midst of a rehab.

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

Looking forward to working with a lender soon to refinance the home, following the BRRRR method.