Gilligan St. Single Family Home

[Sandy Gabin]

Investment Info:

Single-family residence buy & hold investment in Wilkes Barre.

Purchase price: $27,000

Charming single family home, with garage on the back home. Class B residence. Located in a quiet area.

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

The property is in good shape. Have to change the garage door. On the inside have to paint and work on the kitchen of course!

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

The bank originally wanted over 40,000. The first time the person who bet won my husband by 8,000 more, but two days later, the auction company called my husband asking if he was still interested in the home to bet and that they would close the deal. I told my husband to place a bet for 29,000 instead. They didn't take the offer so once again someone won the house. Then 5 days later, the house was then sold to us for 24,000 w/out closing cost.

How did you finance this deal?

I made a couple of transfers from credit cards. I paid cash.

How did you add value to the deal?

I haven't added any value to the home yet since i bought it last month

What was the outcome?

I hope that in the near future when the corona virus decides to leave us alone, I will start working little by little. Since I have another SFH to work on.

Lessons learned? Challenges?

I am learning more about long distance real estate and my biggest challenge is that I still have a 40 hour job that I need to maintain and two kids that still need me. I love to restore and give life to those properties that need tlc. My husband and I enjoy working on homes because we love to see changes from old to new or old to restored. Every time I work with my husband I get to learn more of what needs to be a Landlord!