Buy/Rehab and Hold Real Estate Single Family

[Aaron Ross]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $240,000
Cash invested: $65,000

I am currently living in this investment and plan to sell in 2024

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

Affordability

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

on the MLS

How did you finance this deal?

Hard Money lender for 6 months and then refinance

How did you add value to the deal?

Complete renovation to include removing walls, flooring, paint, electrical, gas, HVAC, Roofing, kitchen's and bathrooms

What was the outcome?

Currently living in this property

Lessons learned? Challenges?

Tons of lessons learned on this project. I put flooring in that was to expensive for the area. I had to rush to get in so some of the construction needed I put off unit "later" and I am still dealing with it hanging over my head. If I wanted to sell right now, I couldn't because the project is not 100%. Floor leveling is an issue and needs to be dealt with up front. It is more expensive now than it was 4 years ago...

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

Jimmy Sgambelluri with Prime Lending in Williamsburg Virginia gets the job done. He is a broker of mortgages...

[Zachary Ray]

Since you are living in it now I would slowly fix it up to how you want it. No need to rush since you are living there. Also living in it 2 out of the last 5 years will be great for when you are ready so sell to save on capital gains tax. You also always have that option to rent out and fix all this down the road.