Lakeside Single Family Home

[Michael Shields]

Investment Info:

Single-family residence buy & hold investment in Lakeside.

Purchase price: $337,000

Purchased to live in and turned into a rental prior to deploying. My father currently lives in the home which has allowed my wife and I to make some updates. I met my wife prior to said deployment and we made plans for me to move into her condo when I returned.

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

Originally wanted a single family home with a decent yard due to my dogs. The lot is just under and acre and I liked being able to own a large plot of land just outside of San Diego, which is a predominantly densely populated city.

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

Found on the MLS and made an offer through my REA. The original house was built about 100 years ago and there were some additions and updating that occurred throughout the years. There was still some work that needed to be done to the home so I was able to ask the sellers for some funds to go towards repairs once I closed.

How did you add value to the deal?

Recently gutted almost entire house and updated everything. Inside is just about finished as of April 2021. One bathroom still needs to be updated and currently working on the front property as well as rehabbing and old garage on the property that wasn't being utilized.

What was the outcome?

Added equity and a happier tenant (my father).

Lessons learned? Challenges?

Taught us a lot about rehabbing and what it entails. Made us realize how much we can accomplish in a short amount of time and the value we can add to a home. Also drove us towards starting a handyman side business.