Inherited property going through minor remodel

[Josh Carlos]

Investment Info:

Single-family residence buy & hold investment in Laughlin.

Property I inherited when my father died. Currently rehabbing from past tenants. Already have new tenants lined up to pay $850/month.

There is a loan balance on it of $117,000 from a cash out I did back in 2005. Payment on that is $630/month.

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

Just fell into it, but am interested in picking up more properties in that area.

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

I grew up in the home.

How did you finance this deal?

Hard money lender.

How did you add value to the deal?

Right now we are replacing carpets in the bedrooms and changing them to laminate. We are removing the acoustic on the ceiling and repainting it. We are painting the kitchen cabinets and epoxying the countertop. When the next tenant moves, we may replace the cabinets.

What was the outcome?

Right now I am looking at cash flowing about $120/month after expenses.

Lessons learned? Challenges?

Make sure to always check up on your properties. My tenant for the past 3 years smoked in the house which required a thorough cleaning of the air vents and cleaning.