SFH buy and hold primary residence.

[Mike Anderson]

Investment Info:

Single-family residence buy & hold investment in Roswell.

Purchase price: $315,000
Cash invested: $50,000

Purchased a foreclosure that needed some work in a top suburb of Atlanta. With almost an acre close to Main St we got a great deal on this 5br 2 1/2 bath with a full walk in basement in law suite. Currently valued at $500,000.

Upgrades done:

-Full Master Bath remodel
-Full Basement In law suite remodel
-New Driveway
-Replaced most of the windows
-Jack and Jill Bathroom remodel
-All new landscaping
-Granite Counters added throughout
-3 new HVAC units
-New Electrical Fuse panel

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

We weren't afraid of putting in some sweat equity and we knew it would pay off in the long run.

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

We got lucky that we bought shortly after the crash, and found a great foreclosure. We got a little lucky as we were looking at just the right time.

How did you finance this deal?

Conventional financing.

How did you add value to the deal?

Upgrades done:

-Full Master Bath remodel
-Full Basement In law suite remodel
-New Driveway
-Replaced most of the windows
-Jack and Jill Bathroom remodel
-All new landscaping
-Granite Counters added throughout
-3 new HVAC units
-New Electrical Fuse panel

Lessons learned? Challenges?

Buying a bank owned foreclosure can really take awhile due to banking red tape. We found a great deal, but we were close to walking away after a 2 month wait on title paperwork. I'm glad now that we didn't but at the time it was very frustrating as we needed a place to live!