Cute corner house on hold, for now.

[Luke M.]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $15,000
Cash invested: $6,000

A currently dead oil rig, needs to be revived and put into service. Right now we're replacing windows and installing new siding, inside is gutted. I bought a duplex since starting on this that needs less work, so this one is on hold waiting for the duplex to be put online.

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

Tough to find a cute little house on a corner lot for $15k! I'm very excited about this house, and can't wait to continue and finish the renovation project.

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

I reached out to the property owner as the house had been sitting without progress the whole time I was renovating my dollar house right down the street. I gave him exactly what he wanted as others had been trying to buy it and never could. It was a great deal but has a long ways to go still.

How did you finance this deal?

Construction loan!

How did you add value to the deal?

Interior/ exterior renovation will add value.

What was the outcome?

No outcome yet! She's on hold for now.

Lessons learned? Challenges?

Stop buying full guts

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

Julie Wesley-Smit