My 1st gut renovation

[Russ Kikkert]

Investment Info:

Single-family residence buy & hold investment in Bridgewater Corners.

Purchase price: $149,000
Cash invested: $70,000

A gut renovation to convert into a short term rental

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

Wanted to see what a renovation would take and thought I could learn a thing or two in the process.

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

MLS and real estate agent.

How did you finance this deal?

Cash and eventually a cash out refi

How did you add value to the deal?

Taking a delapitated single family residence and fix everything before bringing it back to the market as a short term rental.

What was the outcome?

Still working through the process.

Lessons learned? Challenges?

Again, inspections don’t show you what’s behind the walls and in the end it likely would have been better to simply find a better plot of empty land and build new from the start.