Investment Info:
Single-family residence other investment.
Purchase price: $274,900
Cash invested: $100,000
Brick ranch in Brookwood school district in Georgia. House hacking our basement as our first investment, we have remodeled and redone our entire basement and now getting ready to rent out.
What made you interested in investing in this type of deal?
Looking for a house we could house hack, had an incredibly low interest rate on mortgage and house has increased in value about 42%, an estimated 180k in equity. Great area to buy in, house was all original 1978 brick ranch. Slowly working on updating and upgrading the house.
How did you find this deal and how did you negotiate it?
It was honestly luck, I didn't know much about real estate I just knew I needed a house that was unappealing to others to be able to buy it and have it fit in our budget.
How did you finance this deal?
30 year fixed rate mortgage.
How did you add value to the deal?
Gutted the floors myself and installed new subfloor and new flooring on entire first floor. Repainted interior myself. Renovated basement recently to prepare to rent out.
What was the outcome?
Still in progress!
Lessons learned? Challenges?
Learning that the slower I move, the more money I lose.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I worked with an agent who was okay but I became an agent myself because I became so interested in the industry and want to help other people build wealth and become investors themselves.
