Maumee SFH - BRRRR with total rehab

[Chelsea Ziss]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $26,000
Cash invested: $50,000

Single family bought at a tax auction. We've had it rented for 3 years to the same tenant at $850 per month, but could easily go up to 900. Recently appraised at 102k

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

I'm always looking for single family homes in A/B neighborhoods to do BRRRR. this one went a little over budget, but it was our first!

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

Tax auction!

How did you finance this deal?

Peer to peer lending.

How did you add value to the deal?

We had to redo the entire foundation, hack, electrical, and gut kitchen and bathroom.

What was the outcome?

Rocky at first, but great now. Our cash flow has already paid off the amount we spent on the house, and continues to grow.

Lessons learned? Challenges?

Our big issue was we kept putting everything off. What should have taken six months or so, took us 18 months. It wasn't a question of money, just too busy with regular life. We should have time blocked time to get it done.

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

I am an agent ;)

We used sofi for the cash. Worked out well, but we paid it off as fast as we could so we could generate cashflow.