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Updated almost 5 years ago on . Most recent reply
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Buy and hold rental/house hack in Orlando
Investment Info:
Single-family residence buy & hold investment in Longwood.
Purchase price: $277,500
Purchased for $277,500 and ARV is $340,000.
Buy and hold single family
4/2 2000 square feet
The property needed work cosmetically but had good systems (new roof, 2016 water heater, 2013 AC). This allowed me to get the property at a good discount and renovate it for less.
What made you interested in investing in this type of deal?
Build long term wealth
How did you find this deal and how did you negotiate it?
MLS- estate sale
Represented myself. Asking price was $296, got it for $277,500.
How did you finance this deal?
Conventional 3% down
How did you add value to the deal?
Remove wall paper
Paint
Replace carpet with vinyl plank
Remove popcorn ceiling
Reglaze bathroom tiles white
Paint kitchen cabinets white
New modern fixtures and hardware
What was the outcome?
Increased value by $60k
Lessons learned? Challenges?
Wall paper is very tough and time consuming to remove