Oakridge,OR 3 bed 1 bath

[Bryce William Edwards]

Investment Info:

Single-family residence buy & hold investment in Oakridge.

Purchase price: $179,000
Cash invested: $22,500

Oakridge, OR 2020 - 47754 Chubb Court Oakridge, OR 97463 3 bedroom 1 bath house

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

I had just sold my previous residence and needed a place to live

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

I found this property on craigslist in less than 20 minutes, called the owner and was there looking at the house an hour later.
After my initial inspection I decided to put the property under contract with $500 earnest money and one week to make a decision before they let anyone else buy it.

How did you finance this deal?

I used 20k of my own cash for the down and the 159k was carried by the previous owners at 5 percent interest for 30 years. No PMI, I pay 853.55 a month.

How did you add value to the deal?

I used my tax return to renovate the entire house alone, adding about 30k of value to the house for about 5k in materials and a lot of my own time. I had to take time off work to get it done.

What was the outcome?

I ended up renting the house before I was even finished with renovations. I already took a deposit of 1200. The house is now rented for 1200 a month, paying for itself. Meanwhile I still live here in a little apartment I built for myself in a detached garage building.

Lessons learned? Challenges?

I learned a lot about how to texture a house with joint compound. I had never done that before.