Hill Top On Dunn!!!!!

[Alex Smith]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $25,000

Cash invested: $10,000

Contributors:
Dawn Curry

For Sale By Owner that was sitting for a while because tenants destroyed it. Renovated right at the start of Covid-19 with all cash, then pulled cash out right after renovations were complete and tenants were placed. Tenant was planning to purchase the home Summer 2021, but that fell through, and another buyer has been lined up at $115,000 for late Spring. Bought it, Rehabbed it, Rented It, Refinanced It, and soon to be Sold!

This place was GROSSSSS......but now it's SO cute! :)

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

Extremely Distressed and great potential for sweat equity

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

FSBO

How did you finance this deal?

Cash then cash out refinance

How did you add value to the deal?

fully renovated

What was the outcome?

Currently Rented with about $150/mo cashflow
Will be selling in May/June and anticipate about $50,000 profit before taxes

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

Not thus far, but I obtained my real estate license last year and will be handling the sale as a Realtor.