20 y/o purchases college rental - fixed up - rented!

[Keith Kellermeyer]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $70,000
Cash invested: $20,000

SFH purchased pre-foreclosure. Purchased as a place to live for college, rented out 2 bedrooms to friends. Build 4th bedroom out of converted garage and began renting out entire home in 2019. Planning to renovate 400sqft shed in backyard to create another rentable space!

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

Moving out of my parents house. Renting always sounded like throwing money away to me.

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

Off-Market brought to me by a real estate agent my father was working with as a contractor. Only negotiated to keep appliances, price was already fair.

How did you finance this deal?

Savings from working from 16-20 - 20% down

How did you add value to the deal?

Created 4th bedroom, redid all finishes and painted, new A/C, paint, floors.

What was the outcome?

BRRRR

Lessons learned? Challenges?

Living in your project is not an easy task.