Bought a house at a garage sale! 5x in 6years

[Niles Emerick]

Investment Info:

Single-family residence other investment.

Purchase price: $315,000
Cash invested: $15,000

Driving for dollars deal. Had eyed this corner property for years, saw a garage sale taking place so stopped to talk with the owners. Offered to buy the house and came back later with an offer in hand. Found a partner to help with down payment and renovation costs. We did a light reno and added a 4th bedroom to juice rents. This is a 5-7year hold with a redevelopment exit pending new neighborhood plan paving the way for upcoming.

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

Strategic location for upcoming and lot size

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

Garage sale. Built relationship with the owners who were family of recently deceased former owners.

How did you finance this deal?

Private financing for renovation and 1yr hold, then refinancing conventional.

How did you add value to the deal?

Light renovation, added a bedroom. Following neighborhood planning process and will sell to developer with re-zoning.

What was the outcome?

Still holding.

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

Represented ourselves and wrote our own contracts.