Investment Info:
Single-family residence buy & hold investment.
Purchase price: $240,000
Cash invested: $65,000
I am currently living in this investment and plan to sell in 2024
What made you interested in investing in this type of deal?
Affordability
How did you find this deal and how did you negotiate it?
on the MLS
How did you finance this deal?
Hard Money lender for 6 months and then refinance
How did you add value to the deal?
Complete renovation to include removing walls, flooring, paint, electrical, gas, HVAC, Roofing, kitchen's and bathrooms
What was the outcome?
Currently living in this property
Lessons learned? Challenges?
Tons of lessons learned on this project. I put flooring in that was to expensive for the area. I had to rush to get in so some of the construction needed I put off unit "later" and I am still dealing with it hanging over my head. If I wanted to sell right now, I couldn't because the project is not 100%. Floor leveling is an issue and needs to be dealt with up front. It is more expensive now than it was 4 years ago...
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Jimmy Sgambelluri with Prime Lending in Williamsburg Virginia gets the job done. He is a broker of mortgages...
