Pandemic Real Estate

[Jason Ricardo salgado]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $225,000
Cash invested: $22,000

After my first property was a success, I decided to leverage my first property to get a HELOC and then used that money to secure a home loan. This time I had to pay only 6k in closing fees. Once the fees were paid, I bought a 3 bed 2.5 bath and took it out of the 1980's into the 21st century with renovations. Once I posted the house for rent on Zillow and my home became part of a bidding war for renters. i got renters before the house was complete and rented it out once it was finished.

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

The pandemic was fueling a ton of homebuying. I wanted to buy a second home for a while but the pandemic made me want to get in on the action before housing rates went sky high. Im glad I did. this house was a great investment!

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

i found this deal by driving around the area i wanted to buy in. I found the house the day it was placed on the market by chance after driving around for weeks with no luck!

How did you finance this deal?

Va Loan, private lending

How did you add value to the deal?

I renovated everything in this room. and modernized the look and feel of the house. I replaced all major appliances with modern looking ones and painted the interior and exterior

What was the outcome?

the house rented immediately upon posting on Zillow!

Lessons learned? Challenges?

This is a lot harder than what HGTV makes it out to be but the rewards have been phenomenal!

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

Yes, I worked with a phenominal real estate agent that is very knowledgable on veteran loans and hard money lending