10th Street Fix&Rent

[Edward Toomey V]

Investment Info:

Single-family residence buy & hold investment in Roanoke.

Purchase price: $28,950
Cash invested: $32,500

Distressed single family home fully remodeled with added second bath. HUD loans and grants used to finance repairs.

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

The house was a good deal and HUD was offering grants and loans to builders that bought a renovated distressed homes in the part of the city.

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

Being sold by former land lord who had bad tenants at the time and wanted to unload.

How did you finance this deal?

Cash

How did you add value to the deal?

Full reno Including new laundry room, HVAC, kitchen and bath remodels, and added 2nd bathroom for master.

What was the outcome?

ARV $110,000. Purchase and rehab cost $61,450. Cash out refinance $88,000 making us $26,550 cash positive with a rental bringing in $1,000 a month.

Lessons learned? Challenges?

The house needed a lot of work that at first just looked like small jobs but quickly added up to be a massive project and at the time we had other larger projects underway and this house took 4.5 months to finish.

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

Sharon Crenshaw Wainwright and ***.