This property has been renovated from top to bottom and is larger than it appears: family room, dining room, 3 bedrooms, small kitchen, laundry/mud room, and a fenced yard. The updates include a new roof, new laminate flooring, new tile flooring, new double-pane insulated windows, new kitchen and bath updates... This home is all electric-no gas bills here! Mini-Split A.C./Heating system will be installed before tenant moves in. Located on a quiet street with good neighbors. Security cameras are installed. Close to downtown entertainment (less than 2 miles); enjoy the local bars or catch a Biscuits game.

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

The purchase price was very low. I knew I would make money on the deal despite needing a full rehab.

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

A family member offered it to me.

How did you finance this deal?

I paid cash for the property $1200. I used my 401K saving to rehab the property.

How did you add value to the deal?

I rehabbed everything in the house: roof, sub floors, flooring, added a bathroom, painting, plumbing..... I found different contractors to complete varies jobs.

What was the outcome?

I am renting the property for $800 per month and currently seeking a lender for a cash-out refinance or HELOC.

Lessons learned? Challenges?

Contractors are not created equally. Many will over promise and under deliver.

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

I can recommend Contractors in the Montgomery AL area.

1 Vote

6 Replies

Jump to Last Reply

Buy Hold & Refinance

Most Popular Reply