First Deal- turned a 2 BR 1 bath to a 3 BR 2 bath

[Chris Cantu]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $109,000
Cash invested: $20,000

3 BR 2 bath 1500 sq. ft.00 sq. ft.

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

The house had a partial renovation started, I could see the value of what had already begun.

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

I had a different deal under contract and it fell through. The house was found to have an addition built over the neighbors property line. I wasn't interested in dealing with that, so the realtor offered to show me a home she was going to list the following day. I paid the asking price without negotiating, It was already a deal and I wanted to lock in the contract.

How did you finance this deal?

Conventional loan, 5% down

How did you add value to the deal?

I converted the attic to another bedroom and bath. This added 400 sq ft.

What was the outcome?

Everything worked out.

Lessons learned? Challenges?

I did most of the work myself, weekends and holidays. It was tough.