Ocean Acres Rental Property

[Herman Hall]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $160,000
Cash invested: $80,000

This is a double wide trailer on pilings that involved a full gut job replacing all HVAC, electrical, plumbing, adding new headers to windows and replacing windows, replacing many interior walls, and rotten subfloor, siding repairs, new roof and all brand new bathrooms and kitchen.

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

Off market low price as sellers did not have a realtor.

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

A friend sent it to me as he knows my criteria for properties.

How did you finance this deal?

Commercial Loan through my bank

How did you add value to the deal?

If you buy low it can only go up from there

Lessons learned? Challenges?

Siding and framing got a way from me on this job. There is always an unexpected issue with a full remodel.