SFR Here We Come! Adding another MTR to the portfolio

[Mel Volland]

Investment Info:

Single-family residence buy & hold investment in Norfolk.

Purchase price: $165,000
Cash invested: $17,000

Contributors:
Jonny Volland

We scored with this little SFR. We also will likely move into this one at some point, but our house hacking situation is too good to leave😅

This one is located in East Beach, Norfolk. About 1 mile from the beach, but there is park water access nearby! This is a different type of renovation we will be executing, because it’s mostly on the exterior and minor things on the interior. See, our other properties are apartment style, but we want this MTR to be all about the yard! It’s huge! Plus, there’s opportunity to expand the house in the future. Lots of value add! Perfect for a buy and hold. We got this one under contract 3 hours after it was listed and offered full asking. I imagine most home buyers wouldn't be interested in this home due to its curb appeal or lack thereof (maybe the flat roof, or the minor flood zone)😂 but hey, we are confident in the numbers! Stay tuned!

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

Diversify and move in when we’re ready to move from our house hack situation!

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

MLS, full asking, minor repair credit request

How did you add value to the deal?

Working on it now😉 but adding value to the exterior and minimal interior updates.

Lessons learned? Challenges?

TBD!